You are on page 1of 44



+,672,5(81,9(56(//('(',2'25('(6,&,/(
WUDGXLWHHQIUDQoDLVSDU0RQVLHXUO
$EEp7(55$6621
UHPLVHHQIUDQoDLVFRQWHPSRUDLQSDU3KLOLSSH5HPDFOH

7RPHSUHPLHU
3DULV
/,95(35(0,(56(&7,2135(0,Ê5(
$57,$YDQWSURSRV
1RXV DYRQV GHVVHLQ G
H[SRVHU j SDUW OHV LGpHV TXH OHV SUHPLHUV LQVWLWXWHXUV GX FXOWH GHV
GLHX[ VH IRQW IRUPpHV VXU OHXU VXMHW HW FH TXH OD IDEOH D UDFRQWp HW GH FKDFXQ G
HX[
SDUFH TXH FH VRQW GHV DUWLFOHV G
XQH DVVH] JUDQGH pWHQGXH 0DLV HQ DWWHQGDQW ORUVTXH
TXHOTXH GLYLQLWp DXUD XQ UDSSRUW SDUWLFXOLHU j TXHOTXH SRLQW GH QRWUH +LVWRLUH QRXV
FRPPHQFHURQV SDU OH PDUTXHU DILQ GH QH ULHQ RPHWWUH GH QpFHVVDLUH SRXU O¶LQWHOOLJHQFH
GX GLVFRXUV $ O
pJDUG GHV KRPPHV QRXV DYRQV GpMj DYHUWL TX
HQ SUHQDQW OHV FKRVHV GqV
OHV SUHPLHUV WHPSV HW SDUFRXUDQW WRXV OHV OLHX[ GH OD WHUUH KDELWpH QRXV UDSSRUWHURQV
WRXWFHTXLV
HVWSDVVpDYHFDXWDQWG
H[DFWLWXGHTX
RQHQSHXWDWWHQGUHG
XQKLVWRULHQTXL
SDUOHGHVWHPSVHWGHVOLHX[OHVSOXVUHFXOpV
,,'LIIpUHQWHVRSLQLRQVGHO¶RULJLQHGXPRQGH
,O \ D GHX[ RSLQLRQV GLIIpUHQWHV VXU O
RULJLQH GHV KRPPHV SDUPL OHV SK\VLFLHQV HW OHV
KLVWRULHQVOHVSOXVIDPHX[/HVXQVFUR\DQWOHPRQGHpWHUQHOHWLQFRUUXSWLEOHSUpWHQGHQW
TXH OH JHQUH KXPDLQ D WRXMRXUV pWp HW TX
LO HVW LPSRVVLEOH GH UHPRQWHU DX SUHPLHU
KRPPH /HV DXWUHV GRQQDQW XQ FRPPHQFHPHQW HW XQH ILQ j WRXWHV FKRVHV VRXPHWWHQW
OHVKRPPHVjODPrPHORLHWH[SOLTXHQWDLQVLODIRUPDWLRQGHOHXUHVSqFH7RXWHODQDWXUH
D\DQW OH FKDRV HW OD FRQIXVLRQ OH FLHO HW OD WHUUH PrOpV HQVHPEOH QH IDLVDLHQW TX
XQH
PDVVHXQLIRUPHPDLVOHVFRUSVV
pWDQWVpSDUpVSHXjSHXOHVXQVGHVDXWUHVOHPRQGH
SDUXWHQILQGDQVO
RUGUHRQRXVOHYR\RQV/
DLUGHPHXUDGDQVXQHDJLWDWLRQFRQWLQXHOOH
6D SDUWLH OD SOXV YLYH HW OD SOXV OpJqUH V
pOHYD DX SOXV KDXW OLHX GHO
XQLYHUVHWGHYLQWXQ
IHX SXU HW VDQV PpODQJH /H VROHLO HW OHV DVWUHV IRUPpV GH FH QRXYHO pOpPHQW VRQW
HPSRUWpVSDUOHPRXYHPHQWSHUSpWXHOGHODVSKqUHGXIHX/DPDWLqUHWHUUHVWUHGHPHXUD
HQFRUH TXHOTXH WHPSV PrOpH DYHF O
KXPLGH SDU OD SHVDQWHXU GH O
XQH HW GH O
DXWUH 0DLV
FH JOREH SDUWLFXOLHU URXODQW VDQV FHVVH VXU OXLPrPH VH SDUWDJHD SDU OH PR\HQ GH FHWWH
DJLWDWLRQ HQ HDX HW HQ WHUUH  GH WHOOH VRUWH SRXUWDQW TXH OD WHUUH GHPHXUD PROOH HW
IDQJHXVH /HV UD\RQV GX VROHLO GRQQDQW VXU HOOH HQ FHW pWDW FDXVqUHQW GLIIpUHQWHV
IHUPHQWDWLRQV HQ VD VXSHUILFLH ,O VH IRUPD GDQV OHV HQGURLWV OHV SOXV KXPLGHV GHV
H[FURLVVDQFHV FRXYHUWHV G
XQH PHPEUDQH GpOLpH DLQVL TX
RQ OH YRLW HQFRUH DUULYHU GDQV
OHV OLHX[ PDUpFDJHX[ ORUVTX
XQ DUGHQW VROHLO VXFFqGH LPPpGLDWHPHQW j XQ DLU IUDLV &HV
SUHPLHUV JHUPHV UHoXUHQW OHXU QRXUULWXUH GHV YDSHXUV JURVVLqUHV TXL FRXYUHQW OD WHUUH
SHQGDQWODQXLWHWVHIRUWLILqUHQWLQVHQVLEOHPHQWSDUODFKDOHXUGXMRXUeWDQWDUULYpVHQILQ
j OHXU SRLQW GH PDWXULWp HW V
pWDQW GpJDJpV GHV PHPEUDQHV TXL OHV HQYHORSSDLHQW LOV
SDUXUHQW VRXV OD IRUPH GH WRXWHV VRUWHV G
DQLPDX[ &HX[ HQ TXL OD FKDOHXU GRPLQDLW
V
pOHYqUHQW GDQV OHV DLUV  FH VRQW OHV RLVHDX[ &HX[ TXL SDUWLFLSDLHQW GDYDQWDJH GH OD
WHUUHFRPPHOHVKRPPHVOHVDQLPDX[jTXDWUHSLHGVHWOHVUHSWLOHVGHPHXUqUHQWVXUVD
VXUIDFH HW FHX[ GRQW OD VXEVWDQFH pWDLW SOXV DTXHXVH F
HVWjGLUH OHV SRLVVRQV
FKHUFKqUHQW GDQV OHV HDX[ OH VpMRXU TXL OHXU pWDLW SURSUH 3HX GH WHPSV DSUqV OD WHUUH
V¶pWDQWHQWLqUHPHQWGHVVpFKpHRXSDUO¶DUGHXUGXVROHLORXSDUOHVYHQWVGHYLQWLQFDSDEOH
GHSURGXLUHGHVDQLPDX[SDUIDLWVHWOHVHVSqFHVGpMjSURGXLWHVQHV
HQWUHWLQUHQWSOXVTXH
SDUYRLHGHJpQpUDWLRQ(XULSLGHGLVFLSOHGXSKLORVRSKH$QD[DJRUHSDUDvWDYRLUDGRSWpVXU
O
RULJLQHGHVrWUHVOHVHQWLPHQWTXHQRXVYHQRQVG
H[SRVHU&DULOGLWGDQVVD0HQDOLSSH
7RXWpWDLWFRQIRQGXPDLVOHVHXOPRXYHPHQW
$\DQWGXQRLUFKDRVWLUpFKDTXHpOpPHQW
7RXWSULWIRUPHELHQW{WODQDWXUHIpFRQGH
3HXSODG
rWUHVYLYDQWVOH&LHOOD7HUUHHWO
2QGH
)LWVRUWLUGHVRQVHLQVHVRUQHPHQWVGLYHUV
(WGRQQDO
KRPPHHQILQSRXUPDvWUHO
XQLYHUV
$XUHVWHVLTXHOTX
XQUpYRTXHHQGRXWHODSURSULpWpTXHFHVSK\VLFLHQVGRQQHQWjODWHUUH
G
DYRLU SURGXLW WRXW FH TXL D YLH RQ OXL DOOpJXHUD SRXU H[HPSOH FH TXH OD QDWXUH IDLW
HQFRUH DXMRXUG
KXL GDQV OD 7KpEDwGH G
eJ\SWH &DU ORUVTXH OHV HDX[ GX 1LO VH VRQW
UHWLUpHV DSUqV O
LQRQGDWLRQ RUGLQDLUH HW TXH OH VROHLO pFKDXIIDQW OD WHUUH FDXVH GH OD
SRXUULWXUH HQ GLYHUV HQGURLWV RQ HQ YRLW pFORUH XQH LQILQLWp GH UDWV  $LQVL GLVHQW QRV
SK\VLFLHQV OD WHUUH V
pWDQW GHVVpFKpH SDU O
DWWRXFKHPHQW GH O
DLU TXL O
HQYLURQQH HW TXL D
VXEL GLYHUV FKDQJHPHQWV GRLW DYRLU SURGXLW DX FRPPHQFHPHQW GX PRQGH GLIIpUHQWHV
HVSqFHVG
DQLPDX[
,,,9LHGHVSUHPLHUVKRPPHV
/HVKRPPHVQpVGHFHWWHPDQLqUHPHQDLHQWG
DERUGXQHYLHVDXYDJH,OVDOODLHQWFKDFXQ
GH OHXU F{Wp PDQJHU VDQV DSSUrW GDQV OHV FKDPSV OHV IUXLWV HW OHV KHUEHV TXL QDLVVHQW
VDQVFXOWXUH0DLVpWDQWVRXYHQWDWWDTXpVSDUOHVErWHVIpURFHVLOVVHQWLUHQWELHQW{WTX
LOV
DYDLHQW EHVRLQ G
XQ VHFRXUV PXWXHO  HW V
pWDQW DLQVL UDVVHPEOpV SDU OD FUDLQWH LOV
V
DFFRXWXPqUHQW OHV XQV OHV DXWUHV ,OV Q
DYDLHQW HX DXSDUDYDQW TX
XQH YRL[ FRQIXVH HW
LQDUWLFXOpH  PDLV HQ SURQRQoDQW GLIIpUHQWV VRQV j PHVXUH TX
LOV VH PRQWUDLHQW GLIIpUHQWV
REMHWV LOV IRUPqUHQW HQILQ XQH ODQJXH SURSUH j H[SULPHU WRXWHV FKRVHV &HV SHWLWHV
WURXSHV UDPDVVpHV DX KDVDUG HQ GLYHUV OLHX[ HW VDQV FRPPXQLFDWLRQ OHV XQHV DYHF OHV
DXWUHV RQW pWp O
RULJLQH GHV QDWLRQV GLIIpUHQWHV HW RQW GRQQp OLHX j OD GLYHUVLWp GHV
ODQJXHV&HSHQGDQWOHVKRPPHVQ
D\DQWDORUVDXFXQXVDJHGHVFRPPRGLWpVGHODYLHQL
PrPH G
XQH QRXUULWXUH FRQYHQDEOH GHPHXUDLHQW VDQV KDELWDWLRQ VDQV IHX VDQV
SURYLVLRQ HW OHV KLYHUV OHV IDLVDLHQW SpULU SUHVTXH WRXV SDU OH IURLG RX SDU OD IDLP 0DLV
HQVXLWHV
pWDQWFUHXVpGHVDQWUHVSRXUOHXUUHWUDLWHD\DQWWURXYpPR\HQG
DOOXPHUGXIHX
HW D\DQW UHPDUTXp OHV IUXLWV TXL pWDLHQW GH JDUGH LOV SDUYLQUHQW HQILQ MXVTX
DX[ DUWV TXL
FRQWULEXHQW DXMRXUG
KXL QRQ VHXOHPHQW j O
HQWUHWLHQ GH OD YLH PDLV HQFRUH j O
DJUpPHQW
GHODVRFLpWp&
HVWDLQVLTXHOHEHVRLQDpWpOHPDvWUHGHO
KRPPHHWTX
LOOXLDPRQWUpj
VH VHUYLU GH O
LQWHOOLJHQFH GH OD ODQJXH HW GHV PDLQV TXH OD QDWXUH OXL D GRQQpHV
SUpIpUDEOHPHQW j WRXV OHV DXWUHV DQLPDX[ &HWWH GHVFULSWLRQ DEUpJpH GH OD YLH GHV
SUHPLHUV KRPPHV pWDLW QpFHVVDLUH SRXU VDWLVIDLUH j O
RUGUH GDQV XQH +LVWRLUH XQLYHUVHOOH
1RXV DOORQV HQWUHU PDLQWHQDQW GDQV OH GpWDLO GHV SHXSOHV OHV SOXV FRQQXV HW GHV DFWLRQV
PpPRUDEOHVGHOHXUVSULQFLSDX[SHUVRQQDJHV
,9$QFLHQQHWpGHVURLV'RXWHVXUO
DQWpULRULWpGHV*UHFVRXGHV%DUEDUHV
1RXV QH VDYRQV SRLQW TXHOV RQW pWp OHV SUHPLHUV URLV HW QRXV Q¶DMRXWRQV SRLQW GH IRL j
FHX[TXLSUpWHQGHQWOHVDYRLU(QHIIHWOHVURLVSDUDLVVHQWSOXVDQFLHQVTXHO
LQYHQWLRQGH
O
XVDJH GH WRXWHV OHV FKRVHV TXL DXUDLHQW SX QRXV WUDQVPHWWUH FHWWH FRQQDLVVDQFH
/
KLVWRLUH VXUWRXW HVW OH GHUQLHU JHQUH G
pFULUH TX
RQ VH VRLW DYLVp GH FXOWLYHU /HV *UHFV
RQW WRXMRXUV GLVSXWp GH OHXU DQWLTXLWp DYHF OHV %DUEDUHV /HV XQV HW OHV DXWUHV
VRXWLHQQHQWTX
LOVVRQWRULJLQDLUHVGXSD\VTX
LOVKDELWHQWTX
LOVRQWDSSULVOHVDUWVHWOHV
VFLHQFHV DX[ DXWUHV KRPPHV HW TX
LOV RQW IDLW OHV SUHPLHUV GHV DFWLRQV GLJQHV G
rWUH
pFULWHV 1RXV QH SUHQGURQV DXFXQH SDUW GDQV FHWWH GLVSXWH HW QRXV QH YRXORQV SRLQW
GpFLGHU TXHOOHV VRQW OHV QDWLRQV OHV SOXV DQFLHQQHV HW HQFRUH PRLQV GH FRPELHQ OHV XQHV
VRQW SOXV DQFLHQQHV TXH OHV DXWUHV 0DLV QRXV UDSSRUWHURQV GH VXLWH HW HQ SDUWLFXOLHU FH
TX
HOOHV GLVHQW WRXWHV GH OHXU DQWLTXLWp HW GH OHXU RULJLQH 1RXV FRPPHQFHURQV SDU OHV
%DUEDUHV QRQ TXH QRXV OHV HVWLPLRQV SOXV DQFLHQV TXH OHV *UHFV FRPPH eSKRUH O
D
DYDQFpPDLVDILQTX
D\DQWVDWLVIDLWjFHWWHSDUWLHGHQRWUHGHVVHLQQRXVQ
LQWHUURPSLRQV
SDV O
KLVWRLUH GHV *UHFV TXDQG QRXV \ VHURQV XQH IRLV HQWUpV  HW FRPPH RQ FURLW
FRPPXQpPHQWTXHOHVGLHX[VRQWQpVHQeJ\SWHTXHF
HVWOjTX
RQDG
DERUGREVHUYpOH
FRXUV GHV DVWUHV HW TXH FHW KHXUHX[ SD\V D SURGXLW OH SUHPLHU GHV KpURV HW GH JUDQGV
KRPPHVQRXVSODFHURQVLFLOHVeJ\SWLHQVDYDQWOHVDXWUHVSHXSOHV
9/HVeJ\SWLHQVFURLHQWDYRLUpWpOHVSUHPLHUVKRPPHV
/HV eJ\SWLHQV SUpWHQGHQW TXH OH JHQUH KXPDLQ D FRPPHQFp GDQV O
eJ\SWH HW LOV
DOOqJXHQWSRXUUDLVRQODIHUWLOLWpGHOHXUWHUURLUHWOHVDYDQWDJHVTXHOHXUDSSRUWHOH1LO,OV
GLVHQWTXHFHIOHXYHSURGXLWOXLPrPHXQJUDQGQRPEUHG
DQLPDX[HWWRXWHVOHVHVSqFHV
GHQRXUULWXUHTXLOHXUFRQYLHQQHQWODUDFLQHGHURVHDXOHORWRVODIqYHG
eJ\SWHOHIUXLW
DSSHOp FRUVHRQ HW SOXVLHXUV DXWUHV SODQWHV RX IUXLWV TXL VRQW SURSUHV DX[ KRPPHV
PrPHV ,OV FLWHQW HQSDUWLFXOLHUO
H[HPSOHGHVUDWVTXHQRXVDYRQVGpMjUDSSRUWpHWGRQW
LOV GLVHQW TXH WRXV FHX[ TXL OH YRLHQW VRQW pWRQQpV  FDU RQ DSHUoRLW TXHOTXHIRLV FHV
DQLPDX[ SUpVHQWDQW KRUV GH WHUUH XQH PRLWLp GH OHXU FRUSV GpMj IRUPpH HW YLYDQWH
SHQGDQW TXH O
DXWUH UHWLHQW HQFRUH OD QDWXUH GX OLPRQ R HOOH HVW HQJDJpH ,O HVW
GpPRQWUpSDUOjFRQWLQXHQWLOVTXHGqVTXHOHVpOpPHQWVRQWpWpGpYHORSSpVO
eJ\SWHD
SURGXLWOHVSUHPLHUVKRPPHVSXLVTXHHQILQGDQVODGLVSRVLWLRQPrPHRHVWPDLQWHQDQW
O
XQLYHUVODWHUUHG
eJ\SWHHVWODVHXOHTXLSURGXLVHHQFRUHTXHOTXHVDQLPDX['HSOXVV
LO
HVW pFKDSSp TXHOTXH rWUH YLYDQW GX GpOXJH GH 'HXFDOLRQ F
HVW O
eJ\SWH TXL OHV D VDXYpV
SXLVTXH pWDQW HQ SDUWLH VRXV O
DVSHFW LPPpGLDW GX VROHLO HOOH HW SOXV H[HPSWH GHV
JUDQGHV SOXLHV TXH WRXW DXWUH SD\V  VL DX FRQWUDLUH FH GpOXJH OHV D WRXV IDLW SpULU VDQV
H[FHSWLRQ  RQ QH SHXW SODFHU DYHF TXHOTXH YUDLVHPEODQFH OHV SUHPLHUV HVVDLV GX
UHQRXYHOOHPHQW GH OD QDWXUH TXH GDQV O
eJ\SWH  FDU OD FKDOHXU GH VRQ FOLPDW WHPSpUp
SDU OHV YDSHXUV IURLGHV HW KXPLGHV TXL OXL pWDLHQW DSSRUWpHV GH WRXV OHV HQGURLWV GH OD
WHUUH GHYDLW IRUPHU XQ DLU WUqV SURSUH j OD JpQpUDWLRQ GHV DQLPDX[ 1RXV YR\RQV HQ
HIIHW DMRXWHQWLOV TXH GDQV OHV OLHX[ OHV SOXV FKDXGV GH O¶eJ\SWH FH VRQW OHV GHUQLqUHV
HDX[ GX 1LO TXL V¶pFRXOHQW TXL FRQWULEXHQW OH SOXV j FHWWH SURGXFWLRQ PHUYHLOOHXVH GRQW
QRXVDYRQVSDUOpSOXVKDXWHWTXLQHVHIDLWTXHTXDQGODFKDOHXUGXVROHLOV
LQVLQXHSHXj
SHXGDQVXQHWHUUHFKDUJpHG
KXPLGLWp
9, 2SLQLRQV pJ\SWLHQQHV VXU OH VROHLO VXU OD OXQH HW VXU OHV pOpPHQWV HW GHV QRPV GHV
GLHX[TX
RQOHXUDGRQQpV
2UFHVQRXYHDX[KRPPHVFRQWHPSODQWODIRUPHGHO
XQLYHUVHWDGPLUDQWVRQRUGUHHWVD
EHDXWp IXUHQW SDUWLFXOLqUHPHQW VDLVLV GH YpQpUDWLRQ j O
DVSHFW GX VROHLO HW GH OD OXQH ,OV
UHJDUGqUHQW FHV GHX[ DVWUHV FRPPH GHX[ GLYLQLWpV SULQFLSDOHV HW pWHUQHOOHV HW LOV
QRPPqUHQW O
XQ 2VLULV HW O
DXWUH ,VLV GHX[ QRPV WLUpV GH O
LGpH TX
LOV HQ DYDLHQW SULVH
2VLULV VLJQLILH TXL D SOXVLHXUV \HX[  HQ HIIHW O
RQ SHXW GLUH TXH OHV UD\RQV GX VROHLO VRQW
DXWDQW G
\HX[ GRQW LO UHJDUGH OD WHUUH HW OD PHU /H SRqWH VHPEOH DYRLU HPSUXQWp GH Oj
FHWWHH[SUHVVLRQ
/
$VWUHGXMRXUTXLYRLWHWTXLVDLWWRXWHVFKRVHV
4XHOTXHVXQV GHV SOXV DQFLHQV P\WKRORJLVWHV JUHFV RQW GRQQp j 2VLULV OHV VXUQRPV GH
'LRQ\VLXVHWGH6LULXVG
RYLHQWTX
(XPROSHGDQVVHV%DFFKLTXHVDGLW
'HO
DUGHQW6LULXVO
pWRLOHpWLQFHODQWH
HW2USKpH
%DFFKXVQRPPp3KDQqVGHVDYLYHOXPLqUH
4XHOTXHVXQV GRQQHQW j 2VLULV XQ KDELOOHPHQWGHSHDXGHVDQJWDFKHWpSRXUPDUTXHUOD
PXOWLWXGHGHVpWRLOHV/HPRW,VLVVLJQLILHDQFLHQQHHWPDUTXHO
RSLQLRQTXHOHVeJ\SWLHQV
DYDLHQWGHO
pWHUQLWpGHFHWWHGpHVVH,OVODUHSUpVHQWHQWDYHFGHVFRUQHVSDUDOOXVLRQjOD
ILJXUH TXH SUHQG OD OXQH GDQV VD FURLVVDQFH HW GDQV VRQ GpFRXUV HW SDUFH TX
LOV OXL
FRQVDFUHQW XQH JpQLVVH &H VRQW Oj OHV GLHX[ TXL VHORQ HX[ JRXYHUQHQW OH PRQGH HW TXL
HQWUHWLHQQHQWODYLFLVVLWXGHGHWURLVVDLVRQVGLIIpUHQWHVOHSULQWHPSVO
pWpHWO¶KLYHUGRQW
OH UHWRXU IL[H HW LPPDQTXDEOH IDLW O
KDUPRQLH HW OD EHDXWp GH O
XQLYHUV ,OV DMRXWHQW TXH
FHV GHX[ GLYLQLWpV FRQWULEXHQW j OD JpQpUDWLRQ GHV rWUHV VXEDOWHUQHV  O
XQH HQ OHXU
FRPPXQLTXDQW O
HVSULW HW OH IHX O
DXWUH HQ OHXUIRXUQLVVDQWODWHUUHHWO
HDXHWWRXWHVOHV
GHX[ HQ OHXU GRQQDQW O
DLU  DLQVL WRXW QDvW HW SUHQG DFFURLVVHPHQW SDU OHV LQIOXHQFHV GX
VROHLO HW GH OD OXQH  HW OHV FLQT pOpPHQWV TXH QRXV YHQRQV GH QRPPHU FRQVWLWXHQW OH
PRQGH HQWLHU FRPPH OD WrWH OHV PDLQV OHV SLHGV HW OHV DXWUHV SDUWLHV GX FRUSV KXPDLQ
FRPSRVHQW O
KRPPH 0DLV GH SOXV OHV eJ\SWLHQV RQW GLYLQLVp FKDFXQ GH FHV pOpPHQWV HW
OHXU RQW GRQQp GHV QRPV SURSUHV GqV OD SUHPLqUH LQVWLWXWLRQ GH OHXU ODQJXH ,OV RQW
DSSHOp O
HVSULW -XSLWHU TXL VLJQLILH VRXUFH GH YLH HW LOV O¶RQW UHJDUGp FRPPH OH SqUH GH
WRXV OHV rWUHV LQWHOOLJHQWV  LGpH TX¶D HPSUXQWpH G
HX[ OH SOXV JUDQG SRqWH GH OD *UqFH
ORUVTXHSDUODQWGH-XSLWHULOGLW
3qUHHWURLGHVKRPPHVHWGHVGLHX[
,OVRQWQRPPpOHIHX9XOFDLQGLHXGXSUHPLHURUGUHHWTX
LOVFURLHQWFRQWULEXHUOHSOXVj
OD SURGXFWLRQ HW j OD SHUIHFWLRQ GH WRXWHV FKRVHV /D WHUUH pWDQW FRPPH OH VHLQ GDQV
OHTXHO WRXW UHoRLW OHV SUHPLHUV SULQFLSHV GH OD YLH LOV OXL RQW GRQQp OH QRP GH 0qUH /D
PrPH YXH O
D IDLW DSSHOHU SDU OHV *UHFV'pPpWHUPRWQRXYHDXTXLQHGLIIqUHTXHG
XQH
OHWWUHGXYLHX[PRW*KHPHWHUTXLVLJQLILHWHUUHPqUH
'HWRXWrWUHOD7HUUHHW0qUHHWELHQIDLWULFH
'LW 2USKpH /
HDX IXW DSSHOpH 2FpDQ PRW TXL YHXW GLUH 0qUHQRXUULFH /HV *UHFV O
RQW
SULVjSHXSUqVGDQVOHPrPHVHQVWpPRLQFHYHUVG
+RPqUH
/
RFpDQHW7KpWLVGHVGLHX[IRQWO
RULJLQH
$XUHVWHO
2FpDQFKH]OHVeJ\SWLHQVQ
HVWDXWUHTXHOHIOHXYHGX1LORLOVSUpWHQGHQWTXH
OHVGLHX[RQWSULVQDLVVDQFHSDUFHTXHGHWRXVOHVSD\VGXPRQGHO
eJ\SWHHVWVHXOTXL
DLW GHV YLOOHV EkWLHV SDU OHV GLHX[ PrPHV WHOV TXH VRQW -XSLWHU OH 6ROHLO 0HUFXUH
$SROORQ3DQ-XQRQ/XFLQHHWSOXVLHXUVDXWUHV/
DLUHQILQpWDLW0LQHUYHTX
LOVRQWFUXILOOH
GH-XSLWHUQpHGHVRQFHUYHDXHWWRXMRXUVYLHUJHSDUFHTXHO
DLUHVWLQFRUUXSWLEOHHWTX
LO
V
pWHQG MXVTX¶DX[ FLHX[ 0LQHUYH V
DSSHOOH DXVVL 7ULWRJqQH GHV WURLV WHPSpUDWXUHV
GLIIpUHQWHVTXHO
DLUUHoRLWGDQVOHVWURLVVDLVRQVGHO
DQQpH&HWWHGpHVVHDHQFRUHOHQRP
GH *ODXFRSLV QRQ SDUFH TX
HOOH D OHV \HX[ EOHXV FRPPH TXHOTXHV *UHFV O
RQW WURS
OLWWpUDOHPHQW LQWHUSUpWp PDLV SDUFH TXH O
DLU HVW EOHX GDQV VD SURIRQGHXU ,OV GLVHQW TXH
FHV FLQT GLHX[SDUFRXUHQWGHWHPSVjDXWUHWRXVOHVOLHX[GXPRQGHHWDSSDUDLVVHQWDX[
KRPPHVWDQW{WVRXVXQHILJXUHKXPDLQHWDQW{WVRXVFHOOHGHTXHOTXHVDQLPDX[VDFUpV
HQ TXRL DMRXWHQWLOV LOV QH IRQW DXFXQH LOOXVLRQ DX[ VHQV  SXLVTXH pWDQW OHV DXWHXUV GH
WRXW rWUH LOV SHXYHQW SUHQGUH UpHOOHPHQW WRXWH VRUWH GH ILJXUH &
HVW FH TX
+RPqUH TXL
DYDLW pWp FKH] OHV eJ\SWLHQV HW TXL DYDLW HX FRPPXQLFDWLRQ DYHF OHXUV SUrWUHV IDLW
HQWHQGUHSDUFHVYHUVGHO
2G\VVpH
/HVMXVWHVGLHX[TXLWWDQWOHFpOHVWHVpMRXU
'HODWHUUHVRXYHQWYLHQQHQWIDLWHOHWRXU
(WG
XQYRLOHPRUWHOFRXYUDQWOHXUVWUDLWVVXEOLPHV
3HUFHUGDQVOHVHFUHWGHVYHUWXV GHVFULPHV
9RLOjFHTXHOHVeJ\SWLHQVUDFRQWHQWGHVGLHX[FpOHVWHVHWLPPRUWHOV
9,,'HVGLHX[WHUUHVWUHVGRQWTXHOTXHVXQVRQWpWpURLVHQeJ\SWH
,/\DDXVVLVHORQHX[GHVGLHX[WHUUHVWUHVQpVPRUWHOVPDLVTXLSDUOHXUSURSUHVDJHVVH
RX SDU OHV ELHQV TX
LOV RQW IDLWV DX[ KRPPHV RQW REWHQX O
LPPRUWDOLWp 4XHOTXHVXQV GH
FHX[FL RQW pWp URLV GDQV O
eJ\SWH PrPH  HW GH FHV URLV OHV XQV RQW HX GHV QRPV
FRPPXQV DYHF FHUWDLQV GLHX[ HW OHV DXWUHV HQ RQW HX GH SDUWLFXOLHUV /HV SUHPLHUV VRQW
SDU H[HPSOH +HOLXV RX OH 6ROHLO 6DWXUQH 5KpD -XSLWHU TXH TXHOTXHVXQV DSSHOOHQW
$PPRQ-XQRQ9XOFDLQ9HVWDHW0HUFXUH+HOLXVGRQWOHQRPVLJQLILHOH6ROHLODUpJQpOH
SUHPLHU HQ eJ\SWH 4XHOTXHVXQV GHV SUrWUHV GRQQHQW SRXUWDQW FHW DYDQWDJH j 9XOFDLQ
LQYHQWHXUGXIHXHWGLVHQWTXHFHIXWFHWWHLQYHQWLRQPrPHTXLOXLSURFXUDODUR\DXWp&DU
OHIHXGXFLHOD\DQWSULVjXQDUEUHVXUXQHPRQWDJQHHWFHIHXV
pWDQWFRPPXQLTXpXQH
IRUrW YRLVLQH9XOFDLQDFFRXUXWjFHQRXYHDXVSHFWDFOHHWFRPPHRQpWDLWHQKLYHULOVH
VHQWLW WUqV DJUpDEOHPHQW UpFKDXIIp $LQVL TXDQG OH IHX FRPPHQoDLW j V
pWHLQGUH LO
O
HQWUHWHQDLW HQ \ MHWDQW GH QRXYHOOH PDWLqUH DSUqV TXRL LO DSSHOD VHV FRPSDJQRQV SRXU
YHQLU SURILWHU DYHF OXL GH VD GpFRXYHUWH 6DWXUQH OXL VXFFpGD HW D\DQW pSRXVp 5KpD VD
V°XULOHQHXWVHORQTXHOTXHVP\WKRORJLVWHV2VLULVHW,VLVRXVHORQODSOXSDUWG
HQWUHHX[
-XSLWHUHW-XQRQTXLSDUOHXUYHUWXVLQJXOLqUHSDUYLQUHQWjO
HPSLUHGXPRQGHHQWLHU
9,,,2VLULV,VLVHW0HUFXUH
'X PDULDJH GH FHV GHX[ GHUQLHUV QDTXLUHQW FLQT GLHX[ GRQW OD QDLVVDQFH WRPED GDQV
FKDFXQ GHV FLQT MRXUV LQWHUFDODLUHV GH O
DQQpH GHV eJ\SWLHQV &HV GLHX[ IRQW 2VLULV ,VLV
7\SKRQ $SROORQ HW 9pQXV 2VLULV D pWp DSSHOp %DFFKXV HW ,VLV 'pPpWHU RX &pUqV 2VLULV
D\DQW pSRXVp ,VLV HW VXFFpGp DX WU{QH GH VRQSqUHILWSOXVLHXUVFKRVHVXWLOHVjODVRFLpWp
KXPDLQH,ODEROLWODFRXWXPHH[pFUDEOHTX
DYDLHQWOHVKRPPHVGHVHPDQJHUOHVXQVOHV
DXWUHV HW pWDEOLW j VD SODFH OD FXOWXUH GHV IUXLWV ,VLV GH VRQ F{Wp OHXU GRQQD O
XVDJH GX
IURPHQW HW GH O
RUJH TXL FURLVVHQW DXSDUDYDQW GDQV OHV FKDPSV FRPPH GHV SODQWHV
LQFRQQXHVHWQpJOLJpHV/HXUVVXMHWVIXUHQWFKDUPpVGHFHFKDQJHPHQWHWSDUODGRXFHXU
TX¶LOV WURXYqUHQW GDQV FHWWH QRXYHOOH QRXUULWXUH HW SDU O
KRUUHXU TX
LOV FRQoXUHQW HX[
PrPHV GH O
DQFLHQQH 3RXU DXWRULVHU FHWWH RULJLQH RQ UDSSRUWH XQH SUDWLTXH GRQW OHV
eJ\SWLHQV VH VRQW IDLW XQH ORL  'DQV OH WHPSV GH OD PRLVVRQ FHX[ TXL UHFXHLOOHQW OHV
SUHPLHUV EOpV HQ PHWWHQW GHERXW XQH JHUEH DXWRXU GH ODTXHOOH LOV SOHXUHQW HQ LQYRTXDQW
,VLV HW FpOqEUHQW DLQVL OD PpPRLUH GH VD GpFRXYHUWH GDQV OH WHPSV OH SOXV FRQYHQDEOH
2XWUH FHOD LO \ D TXHOTXHV YLOOHV R GDQV OHV IrWHV G
,VLV RQ SRUWH GHV pSLV GH EOp HQ
UHFRQQDLVVDQFHGXJUDQGELHQIDLWGRQWRQOHFURLWUHGHYDEOHjFHWWHGpHVVH2QGLWGHSOXV
TX
,VLV D GRQQp OHV SUHPLqUHV ORLVDX[KRPPHVHWOHXUDHQVHLJQpjVHUHQGUHMXVWLFHOHV
XQVDX[DXWUHVHWjEDQQLUG
HQWUHHX[ODYLROHQFHSDUODFUDLQWHGXFKkWLPHQW&
HVWSRXU
FHOD TXH OHV *UHFV RQW QRPPp &pUqV 7KHVPRSKRUH RX /pJLVODWULFH 6XLYDQW OHV PrPHV
DXWHXUV2VLULVEkWLWGDQVOD7KpEDwGHG
eJ\SWHXQHYLOOHjFHQWSRUWHVTX
LODSSHODGXQRP
GH -XQRQ VD PqUH PDLV TXH VHV GHVFHQGDQWV RQW QRPPpH 'LRVSROLV RX YLOOH GH -XSLWHU
FRQQXH DXVVL VRXV OH QRP GH 7KqEHV $X UHVWH O¶RULJLQH GH FHWWH YLOOH HVW LQFHUWDLQH QRQ
VHXOHPHQWGDQVOHVDXWHXUVPDLVHQFRUHSDUPLOHVSUrWUHVG
eJ\SWHFDUSOXVLHXUVG
HQWUH
HX[ VRXWLHQQHQW TXH7KqEHVDpWpEkWLHQRQSDU2VLULVPDLVSOXVLHXUVDQQpHVDSUqVOXL
SDU XQ URL GRQW QRXV UDFRQWHURQV OHV DFWLRQV HQ OHXU OLHX 2VLULV pOHYD XQ WHPSOH
PHUYHLOOHX[ SDU VD JUDQGHXU HW SDU VD VRPSWXRVLWp j -XSLWHU HW j -XQRQ TX
LO UHJDUGDLW
FRPPH VHV DQFrWUHV ,O HQ GpGLD GHX[ DXWUHV WRXV G
RU VRXV OH QRP GH -XSLWHU PDLV OH
SOXV JUDQG pWDLW FRQVDFUp DX GLHX -XSLWHU HW OH SOXV SHWLW j VRQ SURSUH SqUH TXL VH
QRPPDLW GH PrPH PDLV TXL IXW VXUQRPPp $PPRQ ,O EkWLW GHV WHPSOHV GH PrPH
PDWLqUH DX[ DXWUHV GLHX[ GRQW QRXV DYRQV SDUOp SOXV KDXW  LO UpJOD OHXU FXOWH HW pWDEOLW
GHVSUrWUHVSRXUOHPDLQWHQLU2XWUHFHOD2VLULVHW,VLVRQWFKpULHWSURWpJpOHVLQYHQWHXUV
GHV DUWV HW GHV DXWUHV FKRVHV XWLOHV j OD YLH&
HVWSRXUFHODTXHODIDEULTXHGHO¶RUHWGH
O
DUJHQW D\DQW pWp WURXYpH GDQV OD 7KpEDwGH RQ HQ ILW GHV DUPHV SRXU H[WHUPLQHU OHV
ErWHVIpURFHVGHVLQVWUXPHQWVSRXUWUDYDLOOHUODWHUUHHWODQDWLRQVHSROLVVDQWGHSOXVHQ
SOXV GHV VWDWXHV HW GHV WHPSOHV HQWLHUV GLJQHV GHV GLHX[ DX[TXHOV RQ OHV GpGLDLW 2VLULV
DLPD DXVVL O
DJULFXOWXUH FRPPH D\DQW pWp pOHYp j 1\VD YLOOH GH O
$UDELH KHXUHXVH HW
YRLVLQH GH O
eJ\SWH R FHW DUW pWDLW HQ KRQQHXU &
HVW GX QRP GH -XSLWHU VRQSqUHMRLQWj
FHOXL GH FHWWH YLOOH TXH OHV *UHFV RQW IDLW 'LRQ\V\XV TXL HVW FKH] HX[ OH QRP G
2VLULV /H
SRqWHIDLWPHQWLRQGH1\VDGDQVXQGHVHVK\PQHVRLOGLW
$VVLVHHQWUHOHVERLVTXLFRXYUHQWODPRQWDJQH
1\VHYRLWO
HDXGX1LOFRXOHUGDQVODFDPSDJQH
2QGLWDXVVLTX
LOREVHUYDOHSUHPLHUODYLJQHGDQVOHWHUULWRLUHGH1\VHHWTX
D\DQWWURXYp
OH VHFUHW GH OD FXOWLYHU LO EXW OH SUHPLHU GX YLQ HW DSSULW DX[ DXWUHV KRPPHV OD PDQLqUH
GH OH IDLUH HW GH OH FRQVHUYHU ,O KRQRUD +HUPqV RX 0HUFXUH SDUFH TX
LO OH YLW GRXp G
XQ
WDOHQW H[WUDRUGLQDLUH SRXU WRXW FH TXL SHXW DOOHU DX ELHQ GH OD VRFLpWp KXPDLQH (Q HIIHW
0HUFXUH IRUPD OH SUHPLHU XQH ODQJXH H[DFWH HW UpJOpH GHV GLDOHFWHV JURVVLHUV HW
LQFHUWDLQV GRQW RQ VH VHUYDLW ,O LPSRVD GHV QRPV j XQH LQILQLWp GH FKRVHV G
XVDJH TXL
Q
HQ DYDLHQW SRLQW ,O LQYHQWD OHV SUHPLHUV FDUDFWqUHV HW UpJOD MXVTX
j O¶KDUPRQLH GHV
PRWV HW GHV SKUDVHV ,O LQVWLWXD SOXVLHXUV SUDWLTXHV WRXFKDQW OHV VDFULILFHV HW OHV DXWUHV
SDUWLHVGXFXOWHGHVGLHX[HWLOGRQQDDX[KRPPHVOHVSUHPLHUVSULQFLSHVGHO
DVWURQRPLH
,OOHXUSURSRVDHQVXLWHSRXUGLYHUWLVVHPHQWODOXWWHHWODGDQVHHWOHXUILWFRQFHYRLUTXHOOH
IRUFHHWPrPHTXHOOHJUkFHOHFRUSVKXPDLQSHXWWLUHUGHFHVH[HUFLFHV,OLPDJLQDODO\UH
GDQV ODTXHOOH LO PLW WURLV FRUGHV SDU DOOXVLRQ DX[ WURLV VDLVRQV GH O
DQQpH  FDU FHV WURLV
FRUGHV UHQGHQW WURLV VRQV OH JUDYH O
DLJX HW OH PR\HQ  OH JUDYH UpSRQG j O
KLYHU OH
PR\HQDXSULQWHPSVHWO
DLJXjO
pWp&
HVWOXLTXLDSSULWO
LQWHUSUpWDWLRQRXO
pORFXWLRQDX[
*UHFV TXL SRXU FHWWH UDLVRQ O
RQW DSSHOp +HUPqV RX ,QWHUSUqWH  LO D pWp OH FRQILGHQW
G
2VLULVTXLOXLFRPPXQLTXDLWWRXVVHVVHFUHWVHWTXLIDLVDLWXQJUDQGFDVGHVHVFRQVHLOV
&
HVW HQILQ OXL VHORQ OHV eJ\SWLHQV TXL D SODQWp O
ROLYLHU TXH OHV *UHFV FURLHQW GHYRLU j
0LQHUYH
,; ([SORLWV RX ELHQIDLWV G
2VLULV DFFRPSDJQp GDQV VHV YR\DJHV GH SOXVLHXUV JUDQGV
KRPPHVPLVGHSXLVDXQRPEUHGHVGLHX[
26,5,6pWDQWQpELHQIDLVDQWHWDPDWHXUGHODJORLUHDVVHPEODGLWRQXQHJUDQGHDUPpH
GDQV OH GHVVHLQ GH SDUFRXULU OD WHUUH SRXU \ SRUWHU WRXWHV VHV GpFRXYHUWHV HW VXUWRXW
O
XVDJHGXEOpHWGXYLQMXJHDQWELHQTX
D\DQWWLUpOHVKRPPHVGHOHXUSUHPLqUHIpURFLWp
HW OHXU D\DQW IDLW JR€WHU XQH VRFLpWp GRXFH HW UDLVRQQDEOH LO SDUWLFLSHUDLW DX[ KRQQHXUV
GHV GLHX[  FH TXL DUULYD HQ HIIHW &DU QRQ VHXOHPHQW OHV KRPPHV TXL UHoXUHQW GH VD
PDLQ FHV GLYLQV SUpVHQWV PDLV OHXUV GHVFHQGDQWV PrPHV RQW UHJDUGp FRPPH OHV SOXV
JUDQGVGHVGLHX[FHX[DX[TXHOVLOVGHYDLHQWOHXUQRXUULWXUH$YDQWTXHGHSDUWLULOODLVVDj
,VLV O
DGPLQLVWUDWLRQ JpQpUDOH GH VRQ pWDW GpMj SDUIDLWHPHQW UpJOp ,O OXL GRQQD SRXU
FRQVHLOOHU HW SRXU PLQLVWUH +HUPqV OH SOXV VDJH HW OH SOXV ILGqOH GH VHV DPLV HW SRXU
JpQpUDOGHVHVWURXSHV+HUFXOHTXLWHQDLWjOXLSDUODQDLVVDQFHKRPPHG
DLOOHXUVG
XQH
YDOHXU HW G
XQH IRUFH GH FRUSV SURGLJLHXVHV ,O pWDEOLW DXVVL %XVLULV HW $QWpH SRXU
JRXYHUQHXUV O
XQ GH WRXW OH SD\V PDULWLPH TXL HVW WRXUQp YHUV OD 3KpQLFLH HW O
DXWUH GHV
OLHX[YRLVLQVGHO
eWKLRSLHHWGHOD/LE\H7RXWHVFKRVHVpWDQWDLQVLGLVSRVpHVLOVHPLWHQ
PDUFKH j OD WrWH GH VRQ DUPpH HPPHQDQW DYHF OXL VRQ IUqUH TXH OHV *UHFV QRPPHQW
$SROORQ2QGLWTXHFHOXLFLWURXYDOHODXULHUTXHWRXVOHVSHXSOHVOXLRQWFRQVDFUpGHSXLV
3RXU OH OLHUUH OHV eJ\SWLHQV HQ DWWULEXHQW OD GpFRXYHUWH j 2VLULV PrPH HW OH QRP TX
LOV
RQW GRQQp DX OLHUUH VLJQLILH HQ OHXU ODQJXH SODQWH G
2VLULV ,OV OH SRUWHQW GDQV OHV IrWHV
TX
LOV IRQW HQ VRQ KRQQHXU FRPPH OHV *UHFV GDQV FHOOHV GH %DFFKXV ,OV OH SUpIqUHQW
PrPH j OD YLJQH GDQV OHV FpUpPRQLHV VDFUpHV SDUFH TXH OD YLJQH VH VqFKH HW SHUG VHV
IHXLOOHVDXOLHXTXHOHOLHUUHGHPHXUHWRXMRXUVYHUWjTXRLOHVDQFLHQVRQWHXpJDUGGDQV
ODFRQVpFUDWLRQTX
LOVRQWIDLWHGHTXHOTXHVDXWUHVSODQWHVjG
DXWUHVGLYLQLWpVFRPPHGX
P\UWHj9pQXVGXODXULHUj$SROORQHWGHO
ROLYLHUj0LQHUYH2VLULVIXWDXVVLDFFRPSDJQp
GDQV FHWWH H[SpGLWLRQ GH GHX[ GH VHV ILOV $QXELV HW 0DFpGRQ LOV pWDLHQW WRXV GHX[ IRUW
EUDYHVHWVHIDLVDLHQWUHPDUTXHUSDUXQKDELOOHPHQWSULVGHGHX[ErWHVGRQWLOVLPLWDLHQW
OHFRXUDJHFDU$QXELVpWDLWUHYrWXG
XQHSHDXGHFKLHQHW0DFpGRQG
XQHSHDXGHORXS
F
HVW SRXU FHOD TXH OH FKLHQ HW OH ORXS VRQW HQ KRQQHXU FKH] OHV eJ\SWLHQV ,O SULW HQFRUH
DYHFOXL3DQIRUWUHVSHFWpGDQVOHSD\VFDUQRQVHXOHPHQWLOVSODFqUHQWGHSXLVVDVWDWXH
GDQV WRXV OHXUV WHPSOHV PDLV HQFRUH LOV EkWLUHQW GDQV OD 7KpEDwGH XQH YLOOH TX
LOV
DSSHOqUHQW &KHPPLV RX &KHPPR TXL HQ ODQJDJH eJ\SWLHQ VLJQLILH YLOOH GH 3DQ ,O VH ILW
VXLYUH HQILQ SDU GHX[ KRPPHV H[SHUWV HQ DJULFXOWXUHO
XQQRPPp0DURQTXLV
HQWHQGDLW
SDUIDLWHPHQW j OD YLJQH HW O
DXWUH DSSHOp 7ULSWROqPH TXL VDYDLW WRXW FH TXL UHJDUGH OHV
EOpV HW OH ODERXUDJH 7RXW pWDQW SUrW HW 2VLULV D\DQW IDLW XQ Y°X VROHQQHO GH QH VH SRLQW
UDVHU OD WrWH TX
LO QH IXW UHYHQX GDQV VD SDWULH LO SULW VRQ FKHPLQ SDU O
eWKLRSLH &
HVW Oj
O
RULJLQHGHODFRXWXPHTXLV
HVWREVHUYpHUHOLJLHXVHPHQWHQeJ\SWHMXVTX
jFHVGHUQLHUV
WHPSV GH QH VH SRLQW IDLUH FRXSHU OHV FKHYHX[ GHSXLV OH MRXU TX
RQ VRUW GH VRQ SD\V
MXVTX
DX MRXU R O
RQ \ UHYLHQW 2Q GLW TXH ORUVTX
LO SDVVDLW SDU O
eWKLRSLH RQ OXL SUpVHQWD
GHV 6DW\UHV HVSqFHV G
KRPPHV TXL VRQW FRXYHUWV GH SRLO SDU WRXW OH FRUSV 2VLULVDLPDLW
OD MRLH HW SUHQDLW SODLVLU DX FKDQW HW j OD GDQVH ,O DYDLW WRXMRXUV DYHF OXL XQH WURXSH GH
PXVLFLHQV SDUPL OHVTXHOV pWDLHQW QHXI ILOOHV LQVWUXLWHV GH WRXV OHV DUWV TXL RQW TXHOTXH
UDSSRUW j OD PXVLTXH  F
HVW SRXUTXRL OHV *UHFV OHV RQW DSSHOpHV OHV QHXI 0XVHV (OOHV
pWDLHQW FRQGXLWHV SDU $SROORQ IUqUH GX URL $LQVL 2VLULV YR\DQW TXH OHV 6DW\UHV pWDLHQW
SURSUHV j FKDQWHU j GDQVHU HW j IDLUHWRXWHVVRUWHVGHVDXWVHWGHMHX[LOOHVUHWLQWjVD
IXLWH &DUG
DLOOHXUVLOQ
HXWSDVEHVRLQGHYDTXHUEHDXFRXSDX[H[HUFLFHVPLOLWDLUHVQLGH
V
H[SRVHU j GH JUDQGV SpULOV  SDUFH TX
RQ OH UHFHYDLW SDUWRXW FRPPH XQ GLHXTXLSRUWDLW
DYHFOXLO
DERQGDQFHHWODIpOLFLWp$\DQWGRQFPLVO
DJULFXOWXUHHQWLUDJHGDQVO
eWKLRSLHHW
\D\DQWEkWLSOXVLHXUVYLOOHVFRQVLGpUDEOHVLO\ODLVVDGHVJRXYHUQHXUVHWG
DXWUHVRIILFLHUV
SRXU OHYHU OHV WULEXWV TX
LO LPSRVD VXU FHWWH SURYLQFH &H IXW DORUV HW DX OHYHU GH OD
&DQLFXOH TXH OH 1LO TXL FURvW WRXV OHV DQV GDQV FHWWH VDLVRQ URPSLW VHV GLJXHV HW VH
GpERUGD G
XQH PDQLqUH VL IXULHXVH TX
LO VXEPHUJHD SUHVTXH WRXWH O
eJ\SWH HW
SDUWLFXOLqUHPHQW FHWWH SDUWLH GRQW 3URPpWKpH pWDLW JRXYHUQHXU  GH VRUWH TXH SHX
G
KRPPHVpFKDSSqUHQWjFHGpOXJH/
LPSpWXRVLWpGHFHIOHXYHOXLILWGRQQHUDORUVOHQRP
G
DLJOH 3URPpWKpH YRXODLW VH WXHU GH GpVHVSRLU ORUVTXH KHUFXOH VH VXUSDVVDQW OXLPrPH
HQFHWWHRFFDVLRQHQWUHSULWSDUXQHIIRUWSOXVTX
KXPDLQGHUpSDUHUOHVEUqFKHVTXHOH1LO
DYDLWIDLWHVjVHVGLJXHVHWGHOHIDLUHUHQWUHUGDQVVRQOLW9RLOjOHIRQGHPHQWGHODIDEOH
TXLGLWTX
+HUFXOHWXDO
DLJOHTXLURQJHDLWOHIRLHGH3URPpWKpH&HIOHXYHIXWDSSHOpGDQV
OH FRPPHQFHPHQW 2FHDPHV PRW TXH OHV *UHFV RQW WUDGXLW SDU FHOXL G
2FpDQ 2Q OXL
GRQQDHQVXLWHOHQRPG
DLJOHSRXUODUDLVRQTXHQRXVYHQRQVGHGLUH,OIXWDSSHOpGHSXLV
eJ\SWXVGXQRPG
XQURLG
XQSD\VG
RYLHQWTX
+RPqUHDGLW
'DQVOHIOHXYHeJ\SWXVMHILVHQWUHUPHVYRLOHV
&DU FH IOHXYH VH GpFKDUJH GDQV OD PHU SUqV GX OLHX DSSHOp 7KRQLV TXL D pWp DXWUHIRLV OH
SOXVFpOqEUHHQWUHS{WGHPDUFKDQGLVHVTXLIXWGDQVO
eJ\SWHLODHQILQUHoXGXURL1LOHXV
OHQRPGH1LOTX
LODJDUGpMXVTX
jSUpVHQW
; 2VLULV SDVVH MXVTX
DX[ ,QGHV G
R LO UHYLHQW HQ $VLH HW PrPH HQ (XURSH VHORQ
TXHOTXHVXQV
2VLULV pWDQW DUULYp DX[ FRQILQV GH O
eWKLRSLH ILW ERUGHU OH 1LO GH SDUW HW G
DXWUH GH
SXLVVDQWHV GLJXHV DILQ TXH GDQV VHV FUXHV LO QH UDYDJHkW SOXV OHV FDPSDJQHV HW TX
LO QH
V
pWHQGLW SRXU OHV DUURVHU GDQV OH EHVRLQ TX
j SURSRUWLRQ TX
RQ RXYULUDLW OHV pFOXVHV TX
LO
DYDLWIDLWIDLUHDYHFEHDXFRXSG
DUW,OWUDYHUVDHQVXLWHO
$UDELHOHORQJGHODPHU5RXJHHW
FRQWLQXDVDURXWHMXVTX
DX[,QGHVHWDX[H[WUpPLWpVGHODWHUUH,OEkWLWGDQVOHV,QGHVGH
JUDQGHV YLOOHV HW HQWUH DXWUHV 1\VD j ODTXHOOH LO GRQQD FH QRP HQ PpPRLUH GH OD YLOOH
G
eJ\SWH R LO pWDLW Qp &
HVW Oj TX
LO SODQWD OH OLHUUH TXL Q
HVW GHPHXUp HW TXL QH FURvW
HQFRUH DXMRXUG
KXL GDQV OHV ,QGHV TX
DX[ HQYLURQV GH FHWWH YLOOH ,O V
\ H[HUoD DXVVL j OD
FKDVVH GHV pOpSKDQWV (QILQ 2VLULV ILW GUHVVHU GHV FRORQQHV SRXU IDLUH UHVVRXYHQLU FHV
SHXSOHVGHVFKRVHVTX
LOOHXUDYDLWHQVHLJQpHVHWLOODLVVDSOXVLHXUVDXWUHVPDUTXHVGHVRQ
SDVVDJH IDYRUDEOH GDQV FHWWH FRQWUpH  GH VRUWH TXH OHV ,QGLHQV TXL OH UHJDUGHQW FRPPH
XQGLHXSUpWHQGHQWTX
LOHVWRULJLQDLUHGHOHXUSD\V'HOjLOYLQWYLVLWHUOHVDXWUHVQDWLRQV
GH O
$VLH /
RQ GLW PrPH TX
LO WUDYHUVD O
+HOOHVSRQW HW TX
LO DERUGD HQ (XURSH R LO WXD
/LFXUJXH URL GH 7KUDFHTXLV
RSSRVDLWjVHVGHVVHLQV,OGRQQDOHVeWDWVGHFHURLEDUEDUH
j0DURQTXLpWDLWGpMjYLHX[SRXU\PDLQWHQLUOHVORLVHWOHVFRQQDLVVDQFHVTX
LOOHXUDYDLW
DSSRUWpHV FRPPH DX[ DXWUHV QDWLRQV ,O YRXOXW PrPH TXH 0DURQ EkWLW XQH YLOOH GDQV FH
SD\V HW TX
LO O
DSSHOkW 0DURQpH ,O ODLVVD 0DFpGRQ VRQ ILOV URL GH FHWWH SURYLQFHTXLDSULV
OH QRP GH 0DFpGRLQH HW LO FKDUJHD 7ULSWROqPH GH FXOWLYHU WRXW OH WHUULWRLUH GH O
$WWLTXH 
HQ XQ PRW SDUFRXUDQW WRXWH OD WHUUH LO UpSDQGLW SDUWRXW OHV PrPHV ELHQIDLWV 1RXV
Q
RXEOLHURQV SDV GH GLUH LFL TX
HQ IDYHXU GHVSHXSOHVGRQWOHWHUURLUQ
HVWSDVSURSUHjOD
YLJQHLOLQYHQWDXQHERLVVRQIDLWHDYHFGHO
RUJHHWTXLSRXUO
RGHXUHWSRXUODIRUFHQ
HVW
JXqUHGLIIpUHQWHGXYLQ&
HVWDLQVLTX
2VLULVODLVVDVXUWRXWHVDURXWHOHVIUXLWVKHXUHX[GH
VD VDJHVVH HW GH VD ERQWp 5HYHQX HQ eJ\SWH LO ILW SDUW j VHV SHXSOHV G
XQH LQILQLWp GH
FKRVHV FXULHXVHV HW XWLOHV TX
LO UDSSRUWDLW GH VHV ORQJV YR\DJHV HW V
DWWLUD SDU WDQW GH
ELHQIDLWVOHQRPGHGLHXHWOHFXOWHTX
RQUHQGDX[GLHX[$LQVLD\DQWSDVVpGHODWHUUHDX
FLHO ,VLV HW 0HUFXUH OXL ILUHQW GHV VDFULILFHV HW LQVWLWXqUHQW GHV LQLWLDWLRQV DYHF GHV
FpUpPRQLHVVHFUqWHVHWP\VWpULHXVHVHQVRQKRQQHXU
;,0RUWG
2VLULVHWUqJQHG
,VLV+RQQHXUVTX
HOOHUHQGjODPpPRLUHGHVRQpSRX[
$X UHVWH TXRLTXH OHV SUrWUHV HXVVHQW FDFKp ORQJWHPSV OD PRUW G
2VLULV HW OD FDXVH GH VD
PRUW HOOH VH GLYXOJXD j OD ILQ 2Q GLW GRQF TX
2VLULV GDQV OH WHPSV TX
LO UpJQDLW DYHF OH
SOXV G
pTXLWp IXW WXp SDU VRQ IUqUH 7\SKRQ KRPPH YLROHQW HW LQMXVWH HW TXH FH EDUEDUH
SDUWDJHD OH FRUSV GH VRQ IUqUH PRUW HQ YLQJWVL[ SDUWLHV TX
LO GLVWULEXD DX[ YLQJWVL[
FRPSOLFHV GH VRQ SDUULFLGH DILQ GH OHV HQJDJHU SDU FHWWH DWWHVWDWLRQ VDFULOqJH j VRXWHQLU
O
LQMXVWLFHGHVRQQRXYHDXUqJQH0DLV,VLVV°XUHWIHPPHG
2VLULVDLGpHGHVRQILOV+RUXV
SRXUVXLYLWODYHQJHDQFHGHFHWDWWHQWDWHWD\DQWIDLWPRXULU7\SKRQHWVHVFRPSOLFHVHOOH
PRQWD HOOHPrPH VXU OH WU{QH ,, V
pWDLW DXSDUDYDQW GRQQp XQ FRPEDW FRQWUH FH
PDOKHXUHX[ SDUWL GX F{Wp GH O
$UDELH SUqV GX YLOODJH G
$QWpH DLQVL QRPPp G
$QWpH
TX
+HUFXOH \ DYDLW WXp GX WHPSV G
2VLULV /D YLFWRLUH pWDQW GHPHXUpH j ,VLV HOOH \
UHFRXYUDWRXWHVOHVSDUWLHVGXFRUSVGHVRQPDULH[FHSWpFHOOHVTXHODSXGHXUGpIHQGGH
QRPPHU 3RXU FDFKHU OD PDQLqUH GRQW HOOH YRXODLW O
HQVHYHOLU HW UHQGUH HQ PrPH WHPSV
VRQ WRPEHDX FpOqEUH HW UHFRPPDQGDEOH GDQV WRXWH O
eJ\SWH RQ GLW TX
HOOH HXW UHFRXUV j
FHWWHDGUHVVH(OOHILWIDLUHDXWDQWGHILJXUHVGHFLUHPrOpHVG
DURPDWHVHWGHODJUDQGHXU
G
2VLULV TX
HOOH DYDLW WURXYp GH SDUWLHV GH VRQ FRUSV (OOH PLW XQH GH FHV SDUWLHV HQ
FKDTXH ILJXUH  HW DSSHODQW FKDTXH VRFLpWp GH SUrWUHV HQ SDUWLFXOLHU HOOH OHXU ILW MXUHU
TX
LOV OXL JDUGHUDLHQW OH VHFUHW VXU OD FRQILGHQFH TX
HOOH DOODLW OHXU IDLUH /jGHVVXV HOOH
DVVXUD FKDFXQH GH FHV VRFLpWpV TX
HOOH O
DYDLW SUpIpUpH j WRXWHV OHV DXWUHV SRXU rWUH OD
GpSRVLWDLUH GX FRUSV HQWLHU G
2VLULV  TX
DLQVL F
pWDLW j HX[ j OH SRUWHU GDQV OH OLHX TX
LOV
GHVVHUYDLHQW HW j VH FKDUJHU GH VRQ FXOWH (OOH HQMRLJQLW HQVXLWH j FKDFXQH G
HOOHV GH
FKRLVLU XQ DQLPDO WHO TX
LOV YRXGUDLHQW TXL UHSUpVHQWHUDLW 2VLULV  DXTXHO RQ UHQGUDLW
SHQGDQW VD YLH OHV PrPHV UHVSHFWV TX
D 2VLULV HW TX
RQ HQVHYHOLUDLW DSUqV VD PRUW DYHF
OHV PrPHV KRQQHXUV ,VLV YRXODQW HQJDJHU OHV SUrWUHVSDUGHVELHQIDLWVH[WUDRUGLQDLUHVj
H[pFXWHU ILGqOHPHQW VHV LQWHQWLRQV OHXU GRQQD HQ SURSUH OH WLHUV GH O
eJ\SWH SRXU OHXU
HQWUHWLHQHWSRXUOHVIUDLVGHVVDFULILFHV/HVSUrWUHVSHUVXDGpVSDUOHVGLVFRXUVHWSDUOHV
GRQVG
,VLVHWVHUHVVRXYHQDQWGHVELHQVTX
LOVDYDLHQWUHoXVG
2VLULVPrPHILUHQWWRXWFH
TXH OD 5HLQH VRXKDLWDLW &
HVW SRXUTXRL FKDTXH VRFLpWp VDFHUGRWDOH VH YDQWH MXVTX
j FH
MRXU G
DYRLU OH FRUSV G
2VLULV QRXUULW XQ DQLPDO VDFUp HQ VD PpPRLUH HW UHQRXYHOOH OHV
IXQpUDLOOHVGHFHSULQFHjODPRUWGHFHWDQLPDO&HSHQGDQWOHVWDXUHDX[VDFUpVHWVXUWRXW
OHV GHX[ TXL V
DSSHOOHQW $SLV HW 0QHYLV VRQW SDUWLFXOLqUHPHQW HQ YpQpUDWLRQ FKH] OHV
eJ\SWLHQVSDUFHTXHFHVDQLPDX[RQWVHUYLSOXVTXHWRXVOHVDXWUHVjFHOXLTX
LOVFURLHQW
DYRLUWURXYpO
XVDJHGXEOpHWjWRXVFHX[TXLRQWSHUIHFWLRQQpO
DJULFXOWXUH
;,,0RUWG
,VLV2QOXLUHQGOHVKRQQHXUVGLYLQV
21GLWTX
,VLVILWXQY°XVROHQQHOGHJDUGHUjODPpPRLUHGHVRQpSRX[ODILGpOLWpTX
HOOH
DYDLW JDUGpH j VD SHUVRQQH SHQGDQW VD YLH (OOH DFKHYD XQ UqJQH KHXUHX[ SDU OHV ORLV
TX
HOOH ILW REVHUYHU HW SDU OHV ELHQIDLWV GRQW HOOH FRPEOD VHV SHXSOHV $SUqV VD PRUW HOOH
SDUWLFLSDDX[KRQQHXUVGLYLQVHWVRQFRUSVIXWHQVHYHOLj0HPSKLVRO
RQPRQWUHHQFRUH
ODFO{WXUHGHVRQWRPEHDXGDQVXQWHPSOHGH9XOFDLQ'
DXWUHVVRXWLHQQHQWSRXUWDQWTXH
OHV FRUSV GH FHV GHX[ GLYLQLWpV QH VRQW SRLQW j 0HPSKLV PDLV TX
LOV RQW pWp SRVpV GDQV
XQHvOHGX1LOVLWXpHDXSUqVGHVPRQWDJQHVTXLVpSDUHQWO
eWKLRSLHGHO
eJ\SWHHQWUHGHV
URFKHUV TX
RQ DSSHOOH 3K\OHV HW TXH SRXU FHWWH UDLVRQ O
vOH PrPH V
DSSHOOH OH &KDPS
6DFUp,OVDSSRUWHQWSRXUSUHXYHGHFHTX
LOVDYDQFHQWOHWRPEHDXVXSHUEHTXLHVWGUHVVp
j 2VLULV GDQV FHWWH vOH WRPEHDX UHVSHFWp GHV SUrWUHV GH WRXWH O
eJ\SWH HW UHPDUTXDEOH
SDUOHVWURLVFHQWVRL[DQWHXUQHVTXLO
HQYLURQQHQW/HVSUrWUHVGXOLHXUHPSOLVVHQWFKDTXH
MRXUFHVXUQHVGHODLWHWVHUDQJHDQWjO
HQWRXULOVIRQWGHVODPHQWDWLRQVHWSURQRQFHQWOH
QRP GH FHV GLHX[ ,O Q
HVW SHUPLV TX
DX[ SUrWUHV G
HQWUHU GDQV FHWWH vOH  HW WRXV OHV
SHXSOHVGHOD7KpEDwGHTXLVRQWOHVSOXVDQFLHQVGHO
eJ\SWHUHJDUGHQWFRPPHLQYLRODEOH
OHVHUPHQWTXLVHIDLWHQDWWHVWDQWOHWRPEHDXG
2VLULVDX[URFKHUVGH3K\OHV$O
pJDUGGH
FHWWH SDUWLH GX FRUSV G
2VLULV TX
,VLV QH SXW UHWURXYHU RQ GLW TXH 7\SKRQ O
DYDLW MHWpH
GDQV OD PHU SDUFH TX
DXFXQ GH VHV FRPSOLFHV Q
DYDLW YRXOX V
HQ FKDUJHU TX
,VLV
QpDQPRLQV HQ D\DQW IDLW IDLUH XQH UHSUpVHQWDWLRQ OD ILW KRQRUHU FRPPH OHV DXWUHV HW OXL
DWWULEXDPrPHXQFXOWHHWGHVVDFULILFHVSDUWLFXOLHUVGHODSDUWGHVLQLWLpV'HOjYLHQWTXH
OHV *UHFV TXL RQW HPSUXQWp GHV eJ\SWLHQV OHV P\VWqUHV HW OHV RUJLHV GH %DFFKXV RQW XQH
LGROHVHPEODEOHTX
LOVQRPPHQW3KDOOXVDXVXMHWGHODTXHOOHOHXUVLQLWLpVIRQWGHJUDQGHV
FpUpPRQLHVGDQVOHVIrWHVGHFHGLHX
;,,,(UUHXUGHV*UHFVVXUGLYHUVKpURVeJ\SWLHQVTX
LOVV
DWWULEXHQW
21 SUpWHQG TX
LO V
HVW pFRXOp SOXV GH GL[ PLOOH DQV GHSXLV 2VLULV HW ,VLV MXVTXH DX UqJQH
G
$OH[DQGUHTXLDEkWLHQeJ\SWHODYLOOHTXLSRUWHVRQQRP'
DXWUHVpFULYHQWTX
LO\HQD
SUqVGHYLQJWWURLVPLOOH$XUHVWHFHX[TXLFURLHQWTX
2VLULVHVWQpj7KqEHVHQ%pRWLHGH
-XSLWHU HW GH 6pPpOp VRQW GDQV XQH HUUHXU GRQW YRLFL O
RULJLQH 2USKpH pWDQW DOOp HQ
eJ\SWH IXW LQLWLp DX[ P\VWqUHV G
2VLULV  HW FRPPH LO pWDLW IRUW XQL DYHF OHV GHVFHQGDQWV
GH&DGPXVIRQGDWHXUGH7KqEHVHQ%pRWLHLOUpVROXWSRXUOHXUIDLUHSODLVLUGHWUDQVSRUWHU
HQ FHWWH YLOOH GH OD *UqFH WRXW O
KRQQHXU GH OD QDLVVDQFH GH FH GLHX /H SHXSOH TXL
Q
DSSURIRQGLW ULHQ HW TXL G
DLOOHXUV pWDLWUDYLGHFHWWHDFTXLVLWLRQSUrWDYRORQWLHUVO
RUHLOOH
DX GLVFRXUV G
2USKpH HW UHoXW DYHF SODLVLU WRXWHV OHV FpUpPRQLHV LQVWLWXpHV DX QRP
G
2VLULV &HSHQGDQW 2USKpH IRQGD VD VXSSRVLWLRQ VXU O
pYpQHPHQW TXH MH YDLV GLUH
&DGPXVTXLpWDLWYpULWDEOHPHQWRULJLQDLUHGH7KqEHVHQeJ\SWHHXWHQWUHDXWUHVHQIDQWV
XQH ILOOH QRPPpH 6pPpOp  FHOOHFL D\DQW pWp DEXVpH GHSXLV O
pWDEOLVVHPHQW GH &DGPXV
HQ*UqFHFRQoXWXQILOVGRQWHOOHDFFRXFKDDXERXWGHVHSWPRLVHWTXLDYDLWXQHSDUIDLWH
UHVVHPEODQFH DYHF 2VLULV GH OD PDQLqUH GRQW RQ OH UHSUpVHQWDLW DORUV GDQV VHV LPDJHV
&HW HQIDQW PRXUXW ELHQW{W VRLW HQ SXQLWLRQ GH VD QDLVVDQFH LOOpJLWLPH VRLW SDU OH GpIDXW
QDWXUHO GH VD QDLVVDQFH SUpPDWXUpH &DGPXV VXU OD UpSRQVH G
XQ RUDFOH ILW GRUHU VRQ
FRUSV HPEDXPp OXL ILW RIIULU GHV VDFULILFHV HWSXEOLDTX
2VLULVDYDLWYRXOXHQFRUHXQHIRLV
DSSDUDvWUH DX[ KRPPHV VRXV FHWWH IRUPH ,O DWWULEXD FHWWH UHQDLVVDQFH j -XSLWHU SRXU
UHQGUH VRQ LGROH SOXV DXJXVWH HW SRXU VDXYHU HQ PrPH WHPSV O
KRQQHXU GH VD ILOOH
2USKpH WUqV FRQVLGpUp GDQV OD 7KqEHV JUHFTXH GRQW LO pWDLW GHYHQX FLWR\HQ DGRSWD FHWWH
IDEOHHWOXLGRQQDXQWUqVJUDQGFUpGLWSDUODEHDXWpGHVHVYHUVHWSDUODUpSXWDWLRQTX
LO
DYDLW G
rWUH SURIRQG GDQV WRXWHV OHV PDWLqUHV GH UHOLJLRQ /HV VHFUHWV GH OD WKpRORJLH
pJ\SWLHQQH TX
LO DYDLW SpQpWUpV OXL IRXUQLUHQW WRXWHV OHV FRXOHXUV GRQW LO HXW EHVRLQ SRXU
IDLUH DOOHU FHWWH QRXYHDXWp TXL G
DLOOHXUV IODWWDLW OHV *UHFV  HW GDQV OHV P\VWqUHV TX
LO
LQVWLWXD RQ QH PDQTXDLW SRLQW GH GLUH j WRXV FHX[ TXL V
\ IDLVDLHQW LQLWLHU TXH %DFFKXV
pWDLW ILOV GH -XSLWHU HW GH 6pPpOp VDQV SDUOHU PrPH GH OD UHQDLVVDQFH HW PDOJUp OD
GLIIpUHQFH SURGLJLHXVH GHV WHPSV &HWWH RSLQLRQ V
HVW JOLVVpH HQVXLWH GDQV OHV OLYUHV GHV
P\WKRORJLVWHV HW OHV SRqWHV TXL O
RQW VXLYLH GDQV OHXUV SLqFHV GH WKpkWUH HQ RQW UHPSOL
O
HVSULW GHV SHXSOHV $X IRQG RQ D WRXMRXUV DFFXVp OHV *UHFV GH V
DWWULEXHU O
RULJLQH G
XQ
DVVH] JUDQG QRPEUH GH GLHX[ GH KpURV HW GH FRORQLHV TXL QH YLHQQHQW SRLQW GH FKH]
HX[ +HUFXOH SDU H[HPSOH TXL D ODLVVp SDU WRXWH OD WHUUH GHV WUDFHV GH VRQ FRXUDJH HW
TXL D SODQWp GDQV O
$IULTXH FHV IDPHXVHV FRORQQHV SDU R HVWFH TXH OHV *UHFV SHXYHQW
VH O
DSSURSULHU " 7RXW OH PRQGH GLW TX
+HUFXOH GpIHQGLW OHV GLHX[ GDQV OD JXHUUH GHV
*pDQWVRUOHWHPSVGHV*pDQWVQHFRQYLHQWSRLQWjO
pSRTXHGHO
+HUFXOHJUHFTXLYLYDLW
SHX DYDQW OD JXHUUH GH 7URLH LO Q
\ D SDV GRX]H FHQWV DQVDXOLHXTXHOHV*pDQWVQ
RQW
SDUX TXH GDQV OHV FRPPHQFHPHQWV GX PRQGH WHPSV pORLJQp GH QRXV VHORQ OHV
eJ\SWLHQV GH SOXV GH GL[ PLOOH DQV /D PDVVXH HW OD SHDX GH OLRQ TX
RQ D WRXMRXUV
GRQQpHVj+HUFXOHVRQWXQHSUHXYHGHVRQDQWLTXLWpHWIRQWYRLUTX
LOFRPEDWWDLWGDQVXQ
WHPSV R OHV DUPHV RIIHQVLYHV HW GpIHQVLYHV Q
pWDQW SDV HQFRUH LQYHQWpHV OHV KRPPHV
Q
DOODLHQWjODJXHUUHTX
DYHFGHVEkWRQVHWQ
pWDLHQWFRXYHUWVTXHGHSHDX[GHErWHV/HV
eJ\SWLHQVFURLHQW+HUFXOHILOVGH-XSLWHUPDLVLOVQHFRQQDLVVHQWSRLQWVDPqUHFHQ
HVW
TXHGL[PLOOHDQVDSUqVOXLTX
XQILOVG
$OFPqQHQRPPp$OFpHjVDQDLVVDQFHSULWGDQVOD
VXLWH OH QRP G
+HUFXOH &H QRP QH IXW SRLQW GRQQp j $OFpH SRXU PDUTXHU VHORQ OD IRUFH
GX PRW +HUFXOH TX
LO DYDLW WLUp EHDXFRXS GH JORLUH GH OD KDLQH GH -XQRQ  DLQVL TXH
O
LQWHUSUqWH 0DWULV  PDLV FRPPH pWDQW GHYHQX JUDQG LO FKRLVLW XQ JHQUH GH YLH DVVH]
VHPEODEOHjFHOXLGHO
DQFLHQ+HUFXOHOHV*UHFVRQWWUDQVIpUpjFHOXLFLOHQRPHWODJORLUH
GXSUHPLHU/
RSLQLRQUHoXHGHWRXWWHPSVFKH]OHV*UHFVTX
+HUFXOHDSXUJpODWHUUHGHV
PRQVWUHV IDLW FRQWUH HX[PrPHV  FDU GHV H[SORLWV GH FHWWH QDWXUH QH VDXUDLHQW WRPEHU
GDQV OHV WHPSV GH 7URLH R OH JHQUH KXPDLQ V
pWDQW FRQVLGpUDEOHPHQW DFFUX RQ WURXYDLW
SDUWRXWGHVYLOOHVSROLFpHVRXGHVWHUUHVFXOWLYpHV2QQHSHXWOHVSODFHUUDLVRQQDEOHPHQW
TXH GDQV FHW kJH JURVVLHU HW VDXYDJH R OHV KRPPHV pWDLHQW DFFDEOpV SDU OD PXOWLWXGH
GHVErWHVIpURFHVSDUWLFXOLqUHPHQWHQeJ\SWHGRQWODKDXWHUpJLRQHVWHQFRUHUHPSOLHGH
FHV DQLPDX[ &H IXW DORUV TX
+HUFXOH SOHLQ G
DPRXU SRXU VD SDWULH H[WHUPLQD FHV
PRQVWUHV HW OLYUD OD FDPSDJQH WUDQTXLOOH j FHX[ TXL YRXGUDLHQW OD FXOWLYHU  FH TXL OH ILW
PHWWUHDXUDQJGHVGLHX[2QGLWDXVVLTXH3HUVpHHVWQpHQeJ\SWHHWTXHOHV*UHFVRQW
WUDQVIpUpj$UJRVODQDLVVDQFHGHFHKpURVHWFHOOHG
,VLVPrPHSDUODIDEOHG
,RFKDQJpH
HQ JpQLVVH ,O IDXW SRXUWDQW DYRXHU TX
LO \ D WRXMRXUV HX XQH JUDQGH FRQIXVLRQ GH
VHQWLPHQWV DX VXMHW G
,VLV HW G
2VLULV /HV XQV FRPPH QRXV O
DYRQV GpMj GLWRQWODLVVpj
ODGpHVVHOHQRPG
,VLVPDLVG
DXWUHVO
RQWDSSHOpHRX&pUqVRX7KHVPRSKRUHRX-XQRQ
RXOD/XQHHWG
DXWUHVHQFRUHOXLRQWGRQQpWRXVFHVQRPVjODIRLV2VLULVDpWpQRPPp
SDU OHV XQV RX SDU OHV DXWUHV 6pUDSLV 'LRQ\VLXV 3OXWRQ $PPRQ -XSLWHU HW 3DQ 
TXHOTXHVXQVDVVXUHQWSRXUWDQWTXHOH6pUDSLVGHVeJ\SWLHQVHVWOH3OXWRQGHV*UHFV
;,92SLQLRQVIDEXOHXVHVVXU,VLVVXUVRQILOV+RUXVVXUOHV*pDQWVHWF
/(6 eJ\SWLHQV SUpWHQGHQW TX
,VLV DYDLW LQYHQWp SOXVLHXUV UHPqGHV WUqV VDOXWDLUHV HW
TX
HOOH DYDLW XQH SDUIDLWH FRQQDLVVDQFH GH OD PpGHFLQH  LOV DMRXWHQW TX
j SUpVHQW PrPH
TX
HOOH MRXLW GH O
LPPRUWDOLWp HOOH SUHQG SODLVLU j DSSDUDvWUH SHQGDQW OH VRPPHLO DX[
KRPPHV TXL LPSORUHQW VRQ VHFRXUV GDQV OHXUV PDODGLHV ,OV VH YDQWHQW G
DXWRULVHU FHWWH
FUR\DQFH QRQ SDU GHV IDEOHV FRPPH OHV *UHFV PDLV SDU GHV IDLWV FRQVWDQWV (Q HIIHW
GLVHQWLOVWRXVOHVSHXSOHVGXPRQGHUHQGHQWWpPRLJQDJHDXSRXYRLUGHFHWWHGpHVVHSDU
OHXU FXOWH HW SDU OHXU UHFRQQDLVVDQFH (OOH LQGLTXH j FHX[ TXL VRXIIUHQW OHV UHPqGHV
SURSUHVjOHXUVPDX[HWO
REVHUYDWLRQILGqOHGHVHVDYLVDVDXYpFRQWUHO
DWWHQWHGHWRXW
OH PRQGH GHV PDODGHV DEDQGRQQpV GHV PpGHFLQV 2Q D YX GHV JHQV DEVROXPHQW SULYpV
GH OD YXH RX TXL DYDLHQW SHUGX TXHOTXH PHPEUH GH OHXUV FRUSV UpWDEOLV GDQV OHXU
SUHPLHU pWDW SDU OD FRQILDQFH TX
LOV RQW HXH HQ HOOH 2Q GLW DXVVL TX
HOOH FRPSRVD XQ
EUHXYDJH G
LPPRUWDOLWp HW TX
HQ D\DQW IDLW SUHQGUH j VRQ ILOV +RUXV TX
HOOH WURXYD PRUW
VXU OH ULYDJH GX IOHXYH R OHV 7LWDQV O
DYDLHQW VXUSULV GDQV XQH HPEXVFDGH QRQ
VHXOHPHQWHOOHOHUHVVXVFLWDPDLVHQFRUHHOOHOHUHQGLWLPPRUWHO,OSDUDvWTX
+RUXVHVWOH
GHUQLHUURLSDUWLFLSDQWGHODGLYLQLWpTXLDLWJRXYHUQpO
eJ\SWH2QGLWTX
+RUXVHVW$SROORQ
TXLD\DQWpWpLQVWUXLWGHO
DUWGHODPpGHFLQHHWGHFHOXLGHODGLYLQDWLRQSDUVDPqUH,VLV
HPSOR\DO
XQHWO
DXWUHjO
DYDQWDJHGHVKRPPHVH[HUoDQWOHVHFRQGSDUVHVRUDFOHVHWOH
SUHPLHU SDU VHV FXUHV PHUYHLOOHXVHV/HVSUrWUHVG
eJ\SWHGDQVODVXSSXWDWLRQTX
LOVIRQW
GHV WHPSV TXL VH VRQW pFRXOpV GHSXLV OH UqJQH G
+HOLXV RX GX 6ROHLO MXVTX
DX SDVVDJH
G
$OH[DQGUH HQ $VLH WURXYHQW SOXV GH YLQJWWURLV PLOOH DQV 3RXU VRXWHQLU FHWWH IDEOH LOV
GLVHQW TXH OHV SUHPLHUV GLHX[ RQW UpJQp FKDFXQ SOXV GH GRX]H FHQWV DQV HW TXH OHV
GHUQLHUV VRQW DOOpV MXVTXH j WURLV FHQWV 0DLV FRPPH XQ UqJQH GH FHWWH GXUpH HVW
LQFUR\DEOHTXHOTXHVXQVGHFHVFKURQRORJLVWHVSRXUVHVDXYHUQ
RQWSDVFUDLQWG
DYDQFHU
TXH OH FRXUV GX VROHLO Q
pWDQW SDV HQFRUH SDUIDLWHPHQW FRQQX RQ UpJODLW O
DQQpH VXU FHOXL
GH OD OXQH HW TXH FHWWH DQQpH Q
D\DQW SDU FRQVpTXHQW TXH WUHQWH MRXUV LO Q
HVW SDV
VXUSUHQDQW TX
XQ VHXO URL DLW SX YLYUH GRX]H FHQWV DQV  SXLVTX
j SUpVHQW TXH FKDTXH
DQQpHDGRX]HPRLVLO\HQDTXLYLYHQWMXVTXHjFHQWDQV,OVRQWXQGpQRXHPHQWjSHX
SUqV VHPEODEOH SRXU OHV UqJQHV GH WURLV FHQW DQV ,OV DMRXWHQW TXH GDQV OD VXLWH OHV
DQQpHVRQWpWpFRPSRVpHVGHTXDWUHPRLVTXLIRQWODGXUpHGHFKDFXQHGHVWURLVVDLVRQV
OH SULQWHPSV O
pWp HW O
KLYHU  G
R YLHQW TXH FKH] TXHOTXHV DXWHXUV JUHFV OHV DQQpHV
V
DSSHOOHQW VDLVRQV HW OHV KLVWRLUHV GHV KRURJUDSKLHV /HV eJ\SWLHQV FRQWHQW DXVVL TXH FH
IXW GX WHPSV G
,VLV TXH SDUXUHQW FHV PRQVWUHV j SOXVLHXUV FRUSV TXH OHV *UHFV RQW
DSSHOpV*pDQWVHWTXHOHVSUrWUHVG
eJ\SWHUHSUpVHQWHQWHQFRUHVRXVGHVILJXUHVpQRUPHV
TX
LOVDFFDEOHQWGHFRXSVGDQVOHVVDFULILFHV/HVXQVGLVHQWTX
LOVpWDLHQWVRUWLVGHODWHUUH
GDQV OH WHPSV TX
HOOH SURGXLVDLW WRXWH VRUWH G
DQLPDX[  G
DXWUHV FURLHQW TXH F
pWDLHQW
GHV KRPPHV G
XQH VWDWXUH RUGLQDLUH PDLV TXL SDU OHXU IRUFH HW SDU OH QRPEUH GH OHXUV
H[SORLWV RQW GRQQp OLHX j OD IDEOH GH OHXU VXSSRVHU SOXVLHXUV FRUSV 4XRLTX
LO HQ VRLW LOV
IXUHQW WRXV H[WHUPLQpV GDQV OD JXHUUH TX
LOV ILUHQW j -XSLWHU HW j 2VLULV /HV ORLV GH
O
eJ\SWH FRQWUDLUHV HQ FH SRLQW j FHOOHV GHV DXWUHV QDWLRQV DXWRULVHQW OH PDULDJH GHV
IUqUHVDYHFOHXUVV°XUVSDUO
H[HPSOHKHXUHX[G
2VLULVHWG
,VLV0DLVGHSOXVFRPPH,VLV
DSUqV OD PRUW G
2VLULV VRQ IUqUH HW VRQ pSRX[ HXW OH FRXUDJH GH SXQLU VHV PHXUWULHUV
TX
HOOH FRQVDFUD OH UHVWH GH VHV MRXUV j OD YLGXLWp HW TX
HOOH UpJQD HOOHPrPH DYHF
EHDXFRXS G
pTXLWp HW G
DWWHQWLRQ DX ELHQ GH VHV SHXSOHVODFRXWXPHDSUpYDOXHQeJ\SWH
GH UHQGUH SOXV G
REpLVVDQFH HW GH UHVSHFW DX[ UHLQHV TX
DX[ URLV 3DUPL OHV SDUWLFXOLHUV
PrPH OHV KRPPHV SURPHWWHQW GDQV OH FRQWUDW GH PDULDJH TX
LOV IHURQW VRXPLVHQWRXWj
OHXUVIHPPHV
;9&RORQQHVGUHVVpHVHQO
KRQQHXUG
,VLVHWG
2VLULV
1212%67$17 FH TXH QRXV DYRQV GLW SOXV KDXW GH OD VpSXOWXUH G
,VLV HW G
2VLULV RX j
0HPSKLV RX DX[ URFKHUV GH 3K\OHV MH Q
LJQRUH SDV TXH TXHOTXHVXQV PHWWHQW OHXUV
WRPEHDX[ j 1\VH YLOOH GH O
$UDELH G
R %DFFKXV HVW VRXYHQW DSSHOp 1\VHXV 2Q YRLW
HQFRUH GDQV FHWWH YLOOH GHX[ JUDQGHV FRORQQHV FKDUJpHV FKDFXQH G
XQH LQVFULSWLRQ HQ
FDUDFWqUHVVDFUpV/DFRORQQHG
,VLVSRUWHFHVPRWV
-H VXLV ,VLV 5HLQH GH WRXW FH SD\V M
DL pWp LQVWUXLWH SDU 0HUFXUH  QXO QH SHXW DEROLU PHV
ORLV -H VXLV OD ILOOH DvQpH GH 6DWXUQH OH SOXV MHXQH GHV GLHX[ -H VXLV V°XU HW IHPPH GX
URL 2VLULV  M
DL GRQQp OD SUHPLqUH DX[ KRPPHV O
XVDJH GHV IUXLWV MH VXLV PqUH GX 5RL
+RUXV  MH PH OqYH DYHF O
pWRLOH GH OD FDQLFXOH F
HVW PRL TXL DL EkWL OD YLOOH GH %XEDVWH
5pMRXLVVH]YRXVeJ\SWHTXLP
DYH]QRXUULH
6XUODFRORQQHG
2VLULVVRQWJUDYpVFHVPRWV
-
DL SRXU SqUH OH SOXV MHXQH GH WRXV OHV GLHX[  MH VXLV OH ILOV DvQp GH 6DWXUQH IRUPp GH
VRQSOXVSXUVDQJHWIUqUHGXMRXU-HVXLVOHURL2VLULVTXLVXLYLG
XQHDUPpHQRPEUHXVH
DL SDUFRXUXODWHUUHHQWLqUHGHSXLVOHVVRXUFHVGHO
,VWHUMXVTX
DX[ULYDJHVGHO
RFpDQHW
M
DLSRUWpSDUWRXWPHVGpFRXYHUWHVHWPHVELHQIDLWV
9RLOj FH TX
RQ SHXW OLUH HQFRUH GH FHV LQVFULSWLRQV FDU OH WHPSV D HIIDFp OH UHVWH &
HVW
DLQVL TXH OHV RSLQLRQV VXU OD VpSXOWXUH GH FHV GLYLQLWpV VRQW GLIIpUHQWHV  SDUFH TXH OHV
SUrWUHV TXL HQ VDYHQW OD YpULWp QH YHXOHQW SDV OD UpSDQGUH GH FUDLQWH G
HQFRXULU OHV
SHLQHVGRQWVRQWPHQDFpVFHX[TXLUpYqOHQWOHVVHFUHWVGHVGLHX[
;9,&RORQLHVGHVeJ\SWLHQVGRQWOHV$WKpQLHQVSUpWHQGHQWrWUHODSULQFLSDOH
/(6 eJ\SWLHQV VH YDQWHQW DXVVL G
DYRLU HQYR\p GHV FRORQLHV SDU WRXWH OD WHUUH %HOXV
TX
RQFURLWILOVGH1HSWXQHHWGH/LE\HHQPHQDXQHj%DE\ORQH2QGLWTX
D\DQWIL[pVRQ
VpMRXU VXU OHV ULYHV GH O
(XSKUDWH LO LQVWLWXD GHV SUrWUHV VXU OH PRGqOH GH FHX[ G
eJ\SWH
TX
LOH[HPSWDGHWRXVLPS{WVHWGHWRXWHVFKDUJHVSXEOLTXHVHWTXHOHV%DE\ORQLHQVOHV
DSSHOOHQW &KDOGpHQV &HX[FL V
DGRQQqUHQW j O
pWXGH GHVDVWUHVjO
LPLWDWLRQGHVSUrWUHV
GHV QDWXUDOLVWHV HW GHV DVWURORJXHV pJ\SWLHQV 2Q DMRXWH TXH 'DQDV RULJLQDLUH DXVVL GH
O
eJ\SWH DOOD EkWLU $UJRV XQH GHV SOXV DQFLHQQHV YLOOHV GH OD *UqFH HW TXH G
DXWUHV FKHIV
WRXV VRUWLV GX PrPH OLHX FRQGXLVLUHQW OHV XQV OHV SHXSOHV TXL KDELWHQW PDLQWHQDQW OD
&ROFKLGH HW OH UR\DXPH GH 3RQW OHV DXWUHV OH SHXSOH MXLI TXL RFFXSH OH SD\V VLWXp HQWUH
O
$UDELH HW OD 6\ULH  GH Oj YLHQW TXH WRXWHV FHV QDWLRQV IRQW FLUFRQFLUH OHXUV HQIDQWV
FRXWXPH TX
HOOHV RQW WLUpH GHV eJ\SWLHQV 2Q DVVXUH HQFRUH TXH OHV $WKpQLHQV VRQW XQH
FRORQLH GHV 6DwWHV SHXSOHV GH O
eJ\SWH HW OHV eJ\SWLHQV SURXYHQW FHWWH RULJLQH HQ IDLVDQW
UHPDUTXHUTXHGHWRXWHVOHVYLOOHVJUHFTXHV$WKqQHVHVWODVHXOHTXLSRUWHOHQRPG
$VWX
SULV GH OD YLOOH G
$VWX HQ eJ\SWH  ,OV RQW G
DLOOHXUV HPSUXQWp GHV eJ\SWLHQV OD GLYLVLRQ
TX
LOV IRQW GH OD UpSXEOLTXH HQ WURLV FODVVHV /D SUHPLqUH HVW GH FHX[ TXL RQW HX XQH
pGXFDWLRQGLVWLQJXpHHWTXLSHXYHQWrWUHDGPLVDX[GLJQLWpVFHWWHFODVVHUpSRQGjFHOOH
GHV SUrWUHV pJ\SWLHQV /D VHFRQGH FRPSUHQG OHV KDELWDQWV GH O
$WWLTXH TXL VRQW REOLJpV
GH SRUWHU OHV DUPHV SRXU OD GpIHQVH GH OD YLOOH j O
LPLWDWLRQ GHV ODERXUHXUV GH O
eJ\SWH
G
HQWUHOHVTXHOVRQSUHQGOHVVROGDWV'DQVODWURLVLqPHHQILQVRQWOHVRXYULHUVHWWRXVOHV
KRPPHV GH WUDYDLO TXL IRQW DXVVL GDQV O
eJ\SWH XQ RUGUH SDUWLFXOLHU ,OV DMRXWHQW TXH OHV
$WKpQLHQVRQWHXGHVeJ\SWLHQVSRXUFDSLWDLQHVRXSRXUURLV3HWqVSDUH[HPSOHSqUHGH
0HQHVWKpHTXLVHWURXYDDXVLqJHGH7URLHHWTXLpWDLWFHUWDLQHPHQWeJ\SWLHQFRQGXLVDLW
OHVWURXSHVG
$WKqQHVHWIXWHQVXLWHURLGHFHWWHYLOOH2QDGLWTXHFH3HWqVpWDLWGHGHX[
QDWXUHV PRLWLp KRPPH HW PRLWLp ErWH  OHV $WKpQLHQV IRQW VHPEODQW G
LJQRUHU OH
IRQGHPHQWGHFHWWHIDEOHTXRLTX
LOVRLWFODLUTX
RQDYRXOXPDUTXHUSDUOjTXHFHKpURV
PRLWLp EDUEDUH HW PRLWLp JUHF pWDLW GH GHX[ QDWXUHV /HV eJ\SWLHQV VRXWLHQQHQW DXVVL
TX
eUHFKWKpH URL G
$WKqQHV pWDLW eJ\SWLHQ G
RULJLQH HW YRLFL FH TX
LOV HQ UDFRQWHQW ,OV
GLVHQW TX
XQH JUDQGH IDPLQH GpVRODQW WRXWH OD WHUUH H[FHSWp O
eJ\SWH TXL GX
FRQVHQWHPHQWGHWRXWOHPRQGHHQIXWH[HPSWHSDUODERQWpGHVRQWHUURLUeUHFKWpHTXL
DYDLWGpMjTXHOTXHDOOLDQFHDYHFOHV$WKpQLHQVOHXUSRUWDGHVEOpVHWTXHOHV$WKpQLHQVOH
ILUHQW URL HQ UHFRQQDLVVDQFH GH FH ELHQIDLW $\DQW DFFHSWp FH WLWUH LO OHXU HQVHLJQD OHV
VDFULILFHV GH &pUqV HW pWDEOLW j eOHXVLQH OHV P\VWqUHV GH FHWWH GpHVVH WHOV TX
LOV VH
SUDWLTXDLHQW HQ eJ\SWH  F
HVW FH TXL D GRQQp OLHX GH GLUH TXH &pUqV pWDLW YHQXH HOOH
PrPH j $WKqQHV HW GH SODFHU HQ FH WHPSVOj OD GpFRXYHUWH GHV EOpV TXL OHXU IXUHQW
VHXOHPHQW DSSRUWpV G
DLOOHXUV VRXV OH QRP HW VRXV OHV DXVSLFHV GH FHWWH GpHVVH /HV
$WKpQLHQVFRQYLHQQHQWHX[PrPHVGXUqJQHG
eUHFKWpHGHFHWWHIDPLQHGHODYHQXHGH
&pUqV HW GX SUpVHQW TX
HOOH OHXU ILW  PDLV GH SOXV LOV DYRXHQW TXH OHV VDFULILFHV OHV
P\VWqUHV HW WRXWHV OHV FpUpPRQLHV G
eOHXVLQH VRQW SDUIDLWHPHQW LPLWpV GH FH TXL
V
REVHUYH HQ eJ\SWH (Q HIIHW OHXUV (XPROSLGHV RX FKDQWUHVWLHQQHQWODSODFHGHVSUrWUHV
HW OHXUV KpUDXWV FHOOH GHV SDVWRSKRUHV,OVVRQWOHVVHXOVGHWRXVOHV*UHFVTXLMXUHQWSDU
OH QRP G
,VLV HW OHXUV P°XUV VRQW WUqV FRQIRUPHV j FHOOHV GHV eJ\SWLHQV 9RLOD GH TXRL
FHX[FLVHYDQWHQWDYHFSOXVGH]qOHjPRQDYLVSRXUODJORLUHGHOHXUQDWLRQTXHSRXUOD
YpULWp  DMRXWDQW TXH OD PDJQLILFHQFH GH OHXUV URLV HW OH QRPEUH SURGLJLHX[ GHV SUHPLHUV
KDELWDQWVGHO
eJ\SWHDpWpODFDXVHGHVWUDQVPLJUDWLRQVTXHQRXVYHQRQVGHPDUTXHUHW
GH SOXVLHXUV DXWUHV TXH QRXV SDVVRQV VRXV VLOHQFH SDUFH TXH QRXV QH OHV YR\RQV
VRXWHQXHV G
DXFXQH SUHXYH DVVH] VHQVLEOH RX DWWHVWpHV SDU DXFXQ PRQXPHQW DVVH]
FHUWDLQ &
HVW Oj WRXW FH TXH QRXV DYLRQV j GLUH GH OD WKpRORJLH RX GH OD P\WKRORJLH GHV
eJ\SWLHQV 1RXV DOORQV PDLQWHQDQW UDSSRUWHU HQ DEUpJp FH TXL UHJDUGH OD JpRJUDSKLH HW
OHVDXWUHVSDUWLFXODULWpVQDWXUHOOHVGXWHUURLUHWGXIOHXYHGHO
eJ\SWH
;9,,'HVFULSWLRQJpRJUDSKLTXHGHO
eJ\SWH
&(77( IDPHXVH FRQWUpH V
pWHQG YHUV OH PLGL HW SDU OHV EDUULqUHV TXH OD QDWXUH OXL D
GRQQpHV DXVVL ELHQ TXH SDU OD EHDXWp GH VHV FDPSDJQHV HOOH HVW DXGHVVXV GH WRXV OHV
UR\DXPHV GX PRQGH 'X F{Wp GX FRXFKDQW HOOH HVW GpIHQGXH SDU OHV SODLQHV GpVHUWHV GH
OD /LE\H GRQW OH SDVVDJH HVW QRQ VHXOHPHQW WUqV GLIILFLOH PDLV HQFRUH WUqV GDQJHUHX[
WDQWSDUOHPDQTXHDEVROXG
HDXHWGHYLYUHVTXHSDUOHVErWHVIpURFHVTX
RQ\UHQFRQWUH
/HVFDWDUDFWHVHWOHVPRQWDJQHVTXLOHVHQWRXUHQWHQIHUPHQWO
HQWUpHGXF{WpGXPLGLFDU
OHIOHXYHQ
HVWQDYLJDEOHTX
jFLQTPLOOHFLQTFHQWVVWDGHVHQGHojGHOD7URJORG\WHHWGHV
FRQILQV GH O
eWKLRSLH HW OD WHUUH PrPH Q
HVW SUDWLFDEOH TXH SRXU OHV YR\DJHXUV TXL
SHXYHQW PDUFKHU DYHF XQ WUDLQ HW XQH GpSHQVH GH URL /
RULHQW GH O
eJ\SWH HVW GpIHQGX
SDUOHIOHXYHSDUXQGpVHUWHWSDUXQWHUUDLQIDQJHX[,O\DVXUWRXWHQWUHOD&pOp6\ULHHW
O
eJ\SWH XQ PDUDLV DSSHOp 6HUERQLV IRUW pWURLW GDQV WRXWH VD ORQJXHXU TXL HVW GH GHX[
FHQWV VWDGHV PDLV SURGLJLHXVHPHQW SURIRQG HW WUqV GDQJHUHX[ SRXU FHX[ TXL QH OH
FRQQDLVVHQWSDV&DUpWDQWFRPPHXQHEDQGHG
HDXHQWUHGHX[ULYDJHVWUqVORQJVHWWUqV
VDEORQQHX[ OHV YHQWV YLROHQWV HW SHUSpWXHOV OH WLHQQHQW SUHVTXH WRXMRXUV FRXYHUW GH
VDEOH GH VRUWH TX
LO QH IDLW TX
XQH PrPH VXUIDFH DYHF OD WHUUH IHUPH GH ODTXHOOH LO HVW
LPSRVVLEOH GH OH GLVWLQJXHU j O
°LO ,O \ D HX GHV FDSLWDLQHVTXL\RQWSpULDYHFWRXWHOHXU
DUPpH IDXWH GH ELHQ FRQQDvWUH OH SD\V /H VDEOH DFFXPXOp VXU FHWWH HDX ERXUEHXVH QH
FqGH G
DERUG TXH SHX j SHX FRPPH SRXU VpGXLUH OHV SDVVDQWV TXL FRQWLQXHQW G
DYDQFHU
MXVTX
j FH TXH V
DSHUFHYDQW GH OHXU HUUHXU OHV VHFRXUV TX
LOV WkFKHQW GH VH GRQQHU OHV
XQV DX[ DXWUHV QH SHXYHQW SOXV OHV VDXYHU (Q HIIHW FH FRPSRVp Q
pWDQW QL VROLGH QL
OLTXLGH RQ QH VDXUDLW QDJHU GDQV XQH HDX pSDLVVLH SDU OH VDEOH HW SDU OH OLPRQ GRQW HOOH
HVWFKDUJpHHWO
RQQHWURXYHQXOOHSDUWXQIRQGDVVH]IHUPHSRXUDSSX\HUOHSLHGHWSRXU
V
pODQFHUHQKDXW7RXVOHVHIIRUWVTX
RQSHXWIDLUHQHVHUYHQWPrPHTX
jDWWLUHUOHVDEOH
TXL HVW VXU OH ULYDJH HW TXL DFKqYH G
DFFDEOHU FHX[ TXL VRQW SULV GDQV FH IXQHVWH SLqJH
&HWWH SODLQH V
DSSHOOH SRXU FHWWH UDLVRQ %DUDWKUXP 9RLOj OHV ERUQHV GH O
eJ\SWH SDU
UDSSRUW DX FRQWLQHQW 6RQ TXDWULqPH F{Wp TXL UHJDUGH OH VHSWHQWULRQ D SRXU UHPSDUW XQH
YDVWH PHU HW GHV F{WHV GRQW LO QH IDXW SDV V
DSSURFKHU &DU GHSXLV OH SURPRQWRLUH GH OD
/LE\HMXVTX
j-RSSpHQ&pOp6\ULHFHTXLIDLWXQHVSDFHGHFLQTPLOOHVWDGHVLOQ
\DGH
SRUW DVVXUp TXH OH 3KDUH  WRXW OH UHVWH HVW XQH UDGH GDQJHUHXVH SRXU FHX[ TXL QH O
RQW
SDV IUpTXHQWpH /HV XQV FUR\DQW DERUGHU pFKRXHQW HW EULVHQW OHXUV YDLVVHDX[ VXU GHV
URFKHUV FRXYHUWV  OHV DXWUHV QH GpFRXYUDQW SDV O
eJ\SWH TXL HVW IRUW EDVVH G
DVVH] ORLQ
SRXU FKRLVLU XQ HQGURLW SURSUH j XQH GHVFHQWH YRQW SUHQGUH WHUUH HQ FHV OLHX[
PDUpFDJHX[ RX VXU FHV VDEOHV GpVHUWV GRQW QRXV DYRQV GLW TX
HOOH pWDLW HQWRXUpH
/
eJ\SWHHVWG
XQHILJXUHSOXVORQJXHTXHODUJHHWHOOHV
HQIRQFHGHVL[PLOOHVWDGHVGDQV
OH FRQWLQHQW VXU GHX[ PLOOH TX
HOOH D OH ORQJ GH OD PHU (OOH D pWp DXWUHIRLV SOXV SHXSOpH
TX
DXFXQ OLHX GX PRQGH HW HOOH O
HVW HQFRUH DXMRXUG
KXL DXWDQW TX
DXFXQ DXWUH &DU VDQV
SDUOHUG
XQQRPEUHLQILQLGHJURVYLOODJHVHOOHDYDLWGL[KXLWPLOOHYLOOHVVHORQOHVDQQDOHV
VDFUpHV HW VRXV OH UqJQH GH 3WROpPpH ILOV GH /DJXV LO HQ UHVWDLW SOXV GH WURLV PLOOH TXL
VXEVLVWHQW HQFRUH DXMRXUG
KXL 'DQV XQ GpQRPEUHPHQW JpQpUDO TXL VH ILW DXWUHIRLV GHV
eJ\SWLHQV RQ HQ FRPSWD MXVTX
j VHSW PLOOLRQV HW DXMRXUG
KXL HQFRUH LO Q
\ HQ D JXqUH
PRLQV GH WURLV PLOOLRQV 2Q GLW TXH F
HVW j OD IDYHXU GH FHWWH PXOWLWXGH SURGLJLHXVH
G
KDELWDQWV TXH OHV DQFLHQV URLV GH O
eJ\SWH RQW pOHYp GHV pGLILFHV HW DFKHYp G
DXWUHV
HQWUHSULVHV TXL pWHUQLVHURQW OHXU PpPRLUH HW IHURQW O
pWRQQHPHQW GH WRXV OHV VLqFOHV
1RXV HQ GRQQHURQV ELHQW{W OHV GHVFULSWLRQV SDUWLFXOLqUHV  PDLV j SUpVHQW QRXV GHYRQV
SDUOHUGHODQDWXUHGXIOHXYHHWGHVSURSULpWpVGXWHUURLUGHO
eJ\SWH
;9,,,'HVFULSWLRQSDUWLFXOLqUHGH1LO
/(1,/HVWSRUWpGXPLGLDXVHSWHQWULRQVDVRXUFHHVWLQFRQQXHSDUFHTX
HOOHHVWGDQVOH
IRQG GH O
eWKLRSLH HQ GHV OLHX[ TXH OHV DUGHXUV GX VROHLO UHQGHQW LQDFFHVVLEOHV &
HVW OH
SOXVJUDQGIOHXYHGXPRQGHHWTXLWUDYHUVHOHSOXVGHSD\V,OVHUSHQWHGDQVODSUHPLqUH
HWODSOXVORQJXHSDUWLHGHVRQFRXUVHWGpFOLQHWDQW{WjO
RULHQWGXF{WpGHO
$UDELHWDQW{W
jO
RFFLGHQWGXF{WpGHOD/LE\H$OHVXLYUHGDQVVHVWRUWXRVLWpVGHSXLVOHVPRQWDJQHVGH
O
eWKLRSLH MXVTX
j OD PHU LO SDUFRXUW GRX]H PLOOH VWDGHV (Q TXHOTXHV HQGURLWV EDV LO HVW
FRQWHQXSDUVHVULYDJHVPDLVHQG
DXWUHVLOVRUWGHVRQOLWTXLVHWURXYHWURSpWURLWHWVH
UpSDQGGXF{WpGHOD/LE\HVXUGHVVDEOHVWUqVSURIRQGVTXLV
HQLPELEHQWMXVTX
jOHIDLUH
GLVSDUDvWUH RX ELHQ LO YD UHPSOLU GX F{Wp GH O
$UDELH GH JUDQGV PDUDLV HW GH JUDQGV ODFV
HQYLURQQpV GH SURYLQFHV WUqV SHXSOpHV ,O HQWUH HQVXLWH GDQV O
eJ\SWH R LO D WDQW{W SOXV
WDQW{W PRLQV GH GL[ VWDGHV GH ODUJHXU 0DLV G
HVSDFH HQ HVSDFH LO VH GpWRXUQH HQFRUH j
O
RULHQW RX j O
RFFLGHQW HW UHPRQWH PrPH YHUV OH PLGL G
R LO UHYLHQW YHUV OH VHSWHQWULRQ
&DUFHIOHXYHGDQVXQHJUDQGHSDUWLHGHVRQFRXUVHVWERUGpGHPRQWDJQHVHVFDUSpHVTXL
OXL IRQW REVWDFOH HW OH UHQYRLHQW DX ORLQ GDQV OHV SODLQHV DSSRVpHV G
R OH SRLGV GH VHV
HDX[OHUDPqQHjVDSUHPLqUHURXWH1RQREVWDQWVDJUDQGHXUOH1LOHVWFHOXLGHWRXVOHV
IOHXYHV TXL FRXOH DYHF OH SOXV GH GRXFHXU HW G
pJDOLWp H[FHSWp YHUV OHV FDWDUDFWHV &
HVW
XQ HQGURLW TXL D HQYLURQ GL[ VWDGHV GH ORQJXHXU HW TXL Q
HVW TX
XQH FRQWLQXLWp GH IRQG
SHQFKDQW HW URPSX GH SUpFLSLFHV G
XQH KDXWHXU SURGLJLHXVH HW SHUSHQGLFXODLUH HW
G
RXYHUWXUHV pWURLWHV HW HPEDUUDVVpHV GH URFKHUV RX GH SLHUUHV TXL OHXU UHVVHPEOHQW SDU
OHXUJURVVHXU/HVHDX[TXLSDVVHQWSDUFHVOLHX[HIIUR\DEOHVVHFRXYUHQWG
pFXPHHWIRQW
GHV FKXWHV HW GHV UHMDLOOLVVHPHQWV GRQW OH EUXLW VHXO SRUWH OD WHUUHXU GDQV O
kPH GHV
YR\DJHXUV G
DXVVL ORLQ TX
LOV FRPPHQFHQW j O
HQWHQGUH  HW O
HDX \ DFTXLHUW XQH YLWHVVH
SDUHLOOH j FHOOH G
XQH IOqFKH TXL SDUW GH O
DUEDOqWH  OH 1LO GDQV VHV FUXHV UHPSOLW FHV
IRQGULqUHVHWVHPHWjXQSDUIDLWQLYHDX/HVEDUTXHVTXLGHVFHQGHQWSDVVHQWTXHOTXHIRLV
DORUV VXU OD FDWDUDFWH j OD IDYHXU G
XQ YHQW FRQWUDLUH TXL OHV VRXWLHQW XQ SHX FRQWUH
O
LPSpWXRVLWp GH O
HDX  PDLV LO Q
HVW DXFXQ HIIRUW QL DXFXQ VHFRXUV TXL SXLVVHQW OHV IDLUH
UHPRQWHU ,O \ D SOXVLHXUV FDWDUDFWHV PDLV OD SULQFLSDOH HVW FHOOH TXL VpSDUH O
eJ\SWH GH
O
eWKLRSLH
;,; ,OHV GX 1LO 0pURp /H 'HOWD OHV ERXFKHV GX 1LO /H FDQDO OH FRPPXQLFDWLRQ GH OD
0pGLWHUUDQpHDXJROIH$UDELTXH'LYHUVHVSODQWHVGXIOHXYH
/(1,/HPEUDVVHSOXVLHXUVvOHVVXUWRXWGDQVO
eWKLRSLHPDLVODSOXVJUDQGHGHWRXWHVHVW
FHOOH R &DPE\VH EkWLW XQH YLOOH IDPHXVH j ODTXHOOH LO GRQQD OH QRP GH VD PqUH 0HURp
OHTXHO HVW GHPHXUp j WRXWH O
vOH  RXWUH VD FDSLWDOH HOOH HQIHUPH SOXVLHXUV DXWUHV YLOOHV
FRQVLGpUDEOHV/
vOHHQWLqUHDODIRUPHG
XQERXFOLHUHWO
RQGLWTXHVDODUJHXUHVWGHPLOOH
VWDGHVHWVDORQJXHXUGHWURLVPLOOH(OOHHVWGpIHQGXHGXF{WpGHOD/LE\HSDUGHVVDEOHV
LPPHQVHV HW GX FRWp GH O
$UDELH SDU GHV ULYDJHV LQDFFHVVLEOHV 2Q \ WURXYH GHV PLQHV
G
RU G
DUJHQW GH IHU HW GH FXLYUH XQH JUDQGH DERQGDQFH GH ERLV G
pEqQH HW WRXWHV
VRUWHV GH SLHUUHV UDUHV HW SUpFLHXVHV /H QRPEUH GHV vOHV GX 1LO HVW SUHVTXH LQFUR\DEOH 
FDURQHQFRPSWHSOXVGHVHSWFHQWVRXWUHFHOOHVTXLFRPSRVHQWOH'HOWD/HVeWKLRSLHQV
HQD\DQWGHVVpFKpSOXVLHXUV\VqPHQWGXPLOOHWHWTXHOTXHVDXWUHVSHWLWVJUDLQV0DLVLO\
HQ D GRQW OHV VHUSHQWV j WrWH GH FKLHQ HW G
DXWUHV PRQVWUHV LQWHUGLVHQW O
HQWUpH DX[
KRPPHV /H 1LO VH SDUWDJHDQW GDQV O
eJ\SWH HW VXU OD ILQ GH VRQ FRXUV HQ SOXVLHXUV
FDQDX[ IRUPH OH 'HOWD OLHX DLQVL QRPPp GH OD OHWWUH JUHFTXH TX
LO UHSUpVHQWH SDU VD
ILJXUH'HX[JUDQGVEUDVGX1LOHQIRQWOHVF{WpVHWODPHURLOVHMHWWHSDUVHSWERXFKHV
HQ IDLW OD EDVH /D SUHPLqUH GH FHV ERXFKHV j FRPPHQFHU SDU O
RULHQW VH QRPPH
3pOXVLDTXH OD VHFRQGH 7DQLWLTXH OD WURLVLqPH 0HQGHVLHQQH OD TXDWULqPH 3KDWQLWLTXH OD
FLQTXLqPH 6HEHQQLWLTXH OD VL[LqPH %ROELWLQH HW OD VHSWLqPH &DQRELTXH  TXHOTXHVXQV
QRPPHQW FHOOHFL +HUFXOLHQQH ,O \ D DXVVL TXHOTXHV DXWUHV FDQDX[ RX LVVXHV IDLWHV GH
PDLQ G
KRPPHV GRQW MH QH SDUOH SRLQW 6XU FKDTXH HPERXFKXUH HVW EkWLH XQH YLOOH
FRXSpH SDU OH EUDV GX IOHXYH HW UHMRLQWH SDU XQ SRQW DFFRPSDJQp GH IRUWLILFDWLRQV
FRQYHQDEOHV2QDIDLWXQFDQDOGHFRPPXQLFDWLRQTXLYDGXJROIH3pOXVLDTXHGDQVODPHU
5RXJH 1HFRV ILOV GH 3VDPPHWLFXV O
D FRPPHQFp 'DULXV URL GH 3HUVH HQ FRQWLQXD OH
WUDYDLOPDLVLOO
LQWHUURPSLWHQVXLWHVXUO
DYLVGHTXHOTXHVLQJpQLHXUVTXLOXLGLUHQWTX
HQ
RXYUDQW OHV WHUUHV LO LQRQGHUDLW O
eJ\SWH TX
LOV DYDLHQW WURXYpH SOXV EDVVH TXH OD PHU
5RXJH 3WROpPpH VHFRQG QH ODLVVD SDV G
DFKHYHU O
HQWUHSULVH  PDLV LO ILW PHWWUH GDQV
O
HQGURLW OH SOXV IDYRUDEOH GX FDQDO GHV EDUULqUHV RX GHV pFOXVHV WUqV LQJpQLHXVHPHQW
FRQVWUXLWHV TX
RQ RXYUH TXDQG RQ YHXW SDVVHU HW TX
RQ UHIHUPH HQVXLWH WUqV
SURPSWHPHQW&
HVWSRXUFHODTXHOHIOHXYHSUHQGOHQRPGH3WROpPpHGDQVFHFDQDOTXL
VH GpFKDUJH GDQV OD PHU j O
HQGURLW R HVW EkWLH OD YLOOH G
$UVLQRp /HV GHX[ F{WpV GX
'HOWD TXL UHVVHPEOHQW IRUW j QRWUH 6LFLOH RQW FKDFXQ VHSW FHQW FLQTXDQWH VWDGHV GH
ORQJXHXU PDLV VD EDVH TXL ERUGH OD PHU HQ D WUHL]H FHQWV 6RQ FRQWLQHQW RX VRQ WHUUDLQ
HVW SDUWDJp SDU XQH LQILQLWp GH SHWLWV FDQDX[ FUHXVpV GH PDLQ G
KRPPH TXL HQ IRQW OH
SOXV GpOLFLHX[ HQGURLW GH O
eJ\SWH &DU pWDQW DUURVp GX 1LO TXL GDQV VHV GpERUGHPHQWV
DQQXHOV FKDUULH SDUWRXW XQ OLPRQ IpFRQG SDU OXLPrPH HW FHW DUURVHPHQW pWDQW HQFRUH
pWHQGX HW PXOWLSOLp SDU OD PDFKLQH DSSHOpH FRFKOHD LQYHQWpH SDU QRWUH IDPHX[
$UFKLPqGH  LO Q
HVW SDV VXUSUHQDQW TXH OH 'HOWD SURGXLVH WRXWHV VRUWHV GH JUDLQV HW GH
IUXLWV /HV PrPHV HDX[ FRXODQW HQFRUH SOXV GRXFHPHQW HW VpMRXUQDQW HQFRUH SOXV
ORQJWHPSV GDQV OHV OLHX[ EDV \ IRUPHQW GHV pWDQJV GRQW OH IRQG HVW UHPSOL GH WRXWHV
VRUWHV GH VHPHQFHV (Q HIIHW RQ \ WURXYH GHV HVSqFHV WUqV SDUWLFXOLqUHV GH UDFLQHV GH
SODQWHV HW G
KHUEDJHV /HV LQGLJHQWV HW WRXV FHX[ TXL QH SHXYHQW JDJQHU OHXU YLH \ RQW
UHFRXUV HW HOOHV IRXUQLVVHQW GH SOXV GHV UHSDV YDULpV HW PrPH GpOLFLHX[ 2Q IDLW GX ORWRV
TXL \ FURLW HQ DERQGDQFH XQH VRUWH GH SDLQ TXL VXIILUDLW VHXO SRXU OD QRXUULWXUH GH
O
KRPPH HW OH FLERULRQ SURGXLW OD IqYH G
eJ\SWH TXL HVW XQ PDQJHU G
XQ JR€W H[TXLV 2Q
YRLW DXVVL GDQV OH 'HOWD GHV DUEUHV VDQV QRPEUH  OHV XQV V
DSSHOOHQW SHUVLTXHV GRQW OH
IUXLW HVW H[FHOOHQW HW TXL RQW pWp DSSRUWpV GH O
eWKLRSLH GDQV O
eJ\SWH DX WHPSV GH
O
H[SpGLWLRQ GH &DPE\VH  OHV DXWUHV VH QRPPHQW VLFDQLQV HW SRUWHQW GHV P€UHV RX GHV
ILJXHV SUHVTXH WRXWH O
DQQpH  OHV SDXYUHV \ WURXYHQW XQH UHVVRXUFH SHUSpWXHOOH ,O \ D
XQH DXWUH HVSqFH GH IUXLW DSSHOp EDWH TXH OH IOHXYH ODLVVH GDQV OD FDPSDJQH HQ VH
UHWLUDQW HW TX
RQ PDQJH j OD ILQ GHV UHSDV j FDXVH GH VRQ H[WUrPH GRXFHXU /HV
eJ\SWLHQVIRQWDXVVLGHODELqUH,OVVHVHUYHQWSRXUOHXUVODPSHVGHO
KXLOHG
XQHFHUWDLQH
SODQWH DSSHOpH FLFL  (QILQ O
eJ\SWH SURGXLW XQH LQILQLWp G
DXWUHV FKRVHV TXL VDWLVIRQW j
WRXVOHVEHVRLQVGHODYLHHWGRQWLOHVWLPSRVVLEOHGHIDLUHLFLO
pQXPpUDWLRQ
;;$QLPDX[GX1LOOHFURFRGLOHO
KLSSRSRWDPHO
LFKQHXPRQHWF
/( 1,/ QRXUULW SOXVLHXUV DQLPDX[ GH IRUPHV WUqV GLIIpUHQWHV  PDLV LO HQ D GHX[
SULQFLSDX[ OH FURFRGLOH HW O
KLSSRSRWDPH RX FKHYDO GX IOHXYH /H FURFRGLOH GH WUqV SHWLW
TX
LO HVW G
DERUG GHYLHQW WUqV JUDQG  FDU O
°XI TXL OH SURGXLW HVW j SHX SUqV VHPEODEOH j
FHOXLG
XQHRLHHWTXDQGO
DQLPDOHQHVWVRUWLLOFURvWMXVTX
jVHL]HFRXGpHVLOYLWSOXVTXH
O
KRPPHLOQ
DSRLQWGHODQJXH/DQDWXUHDPXQLVRQFRUSVGHGpIHQVHVPHUYHLOOHXVHV
FDULOHVWFRXYHUWG
pFDLOOHVH[WUDRUGLQDLUHPHQWIRUWHV,ODSOXVLHXUVGHQWVGHVGHX[F{WpV
GH OD JXHXOH PDLV LO HQ D GHX[ TXL HQ VRUWHQW HW TXL VRQW EHDXFRXS SOXV JUDQGHV TXHOHV
DXWUHV ,O GpYRUH QRQ VHXOHPHQW OHV KRPPHV PDLV HQFRUH WRXV OHV DQLPDX[ TXL YLHQQHQW
WURSSUqVGXIOHXYHLOIDLWGHVPRUVXUHVSURIRQGHVHWFUXHOOHVLOGpFKLUHPrPHVDSURLH
DYHF OHV JULIIHV HW OD FKDLU TXH VD GHQW RX VRQ RQJOH RQW XQH IRLV WRXFKpH QH VH UpWDEOLW
MDPDLV /HV eJ\SWLHQV DOODLHQW DXWUHIRLV j OD FKDVVH RX SOXW{W j OD SrFKH GH FH PRQVWUH
DYHF GH IRUWV KDPHoRQV JDUQLV GH FKDLU GH SRUF  PDLQWHQDQW LOV OHV SUHQQHQW GDQV GH
JURV ILOHWV FRPPH OHV DXWUHV SRLVVRQV HW OHV WXHQW GH GHGDQV OHXUV EDUTXHV HQ OHV
IUDSSDQW VXU ODWrWHDYHFGHVFUDPSRQVGHIHU,O\HQDXQHPXOWLWXGHpWRQQDQWHOHORQJ
GXIOHXYHHWGHVpWDQJVYRLVLQVSDUFHTX
LOVPXOWLSOLHQWEHDXFRXSHWTX
RQQHOHVWXHTXH
IRUW UDUHPHQW 4XHOTXHVXQV GHV KDELWDQWV GH O
eJ\SWH OHV UHJDUGHQW FRPPH GHV GLHX[
HWG
DXWUHVSODLJQHQWODSHLQHTX
RQDjOHVSUHQGUHSDUFHTX
LOVQHYDOHQWULHQjPDQJHU
&HSHQGDQW OD QDWXUH D GRQQp DX[ KRPPHV XQ VHFRXUV FRQWUH OD PXOWLSOLFDWLRQ GH FHW
DQLPDO TXL VHUDLW H[FHVVLYH &
HVW O
,FKQHXPRQ DXWUH DQLPDO GH OD JURVVHXU G
XQ SHWLW
FKLHQ TXL FKHUFKH VDQV FHVVH OHV RHXIV GHV FURFRGLOHV SRXU OHV FDVVHU  HW FH TX
LO \ D GH
PHUYHLOOHX[ F
HVW TX
LO QH OHV PDQJH SRLQW HW SDUDvW DLQVL FRQGDPQp SDU OD QDWXUH j XQ
WUDYDLOTXLQ
HVWXWLOHTX
jO
KRPPH/
KLSSRSRWDPHRXFKHYDOGXIOHXYHQ
DSDVPRLQVGH
FLQTFRXGpHVGHORQJLODTXDWUHSLHGVHWO
RQJOHIHQGXFRPPHOHE°XI'HFKDTXHF{Wp
GHVDJXHXOHVRQWWURLVGpIHQVHVSOXVJUDQGHVTXHFHOOHVGHVVDQJOLHUV,ODOHVRUHLOOHVOD
TXHXH HW OH KHQQLVVHPHQW GX FKHYDO  PDLV OD IRUPH HQWLqUH GH VRQ FRUSV GLIIqUH SHX GH
FHOOHGHO
pOpSKDQWVDSHDXHVWSOXVGXUHTXHFHOOHG
DXFXQDQLPDOTXHFHVRLW&RPPHLO
HVW DPSKLELH LO SDVVH OH MRXU DX IRQG GHV HDX[ R LO IDLW WRXWHV VRUWHV GH WRXUV HW GH
PRXYHPHQWV  HW OD QXLW LO YD GDQV OHV FDPSDJQHV YRLVLQHV R LO PDQJH OHV EOpV HW OHV
IRLQV GH VRUWH TXH VL VRQ HVSqFH pWDLW SOXV IpFRQGH TX
HOOH QH O
HVW HW TXH VD IHPHOOH
SRUWkW WRXV OHV DQV FHW DQLPDO IHUDLW GH WUqV JUDQGV UDYDJHV GDQV OHV FDPSDJQHV 2Q D
DXVVL OD PDQLqUH GH OH WXHU HW GH OH SUHQGUH 4XDQG LO HQ SDUDvW XQ OHV SrFKHXUV
O
HQYLURQQHQW DYHF SOXVLHXUV EDUTXHV HW DSUqV O
DYRLU EOHVVp DYHF TXHOTXH LQVWUXPHQW GH
IHU HQ WURXYH PR\HQ GH OH WLUHU DYHF XQH FRUGH DX ERXW GH ODTXHOOH RQ OXL ODLVVH SHUGUH
WRXW VRQ VDQJ SDU OHV HIIRUWV TX
LO IDLW SRXU V
HQ GpJDJHU 6D FKDLUHVWH[WUrPHPHQWGXUH
HW GLIILFLOH j FXLUH  PDLV LO IDXW MHWHU DEVROXPHQWWRXWHVVHVHQWUDLOOHVGRQWRQQHVDXUDLW
PDQJHU2XWUHOHVDQLPDX[GRQWQRXVYHQRQVGHSDUOHUOH1LOHQIHUPHGDQVVHVHDX[XQ
QRPEUH LQFUR\DEOH G
DXWUHV SRLVVRQV HW IRXUQLW j WRXWH O
eJ\SWH QRQ VHXOHPHQW GH FHX[
TXLVRQWH[FHOOHQWVjPDQJHUIUDLVPDLVEHDXFRXSSOXVHQFRUHGHFHX[TXLVHFRQVHUYHQW
GDQVODVDXPXUH
;;,)HUWLOLWpTXHOH1LOSURFXUHjO
eJ\SWH
&()/(89(HVWVDQVFRQWUHGLWFHOXLGHWRXVOHVIOHXYHVGHODWHUUHGRQWOHYRLVLQDJHHVWOH
SOXV DYDQWDJHXVH &DU FRPPHQoDQW VRQ GpERUGHPHQW DX VROVWLFH G
pWp LO FURvW MXVTX
j
O
pTXLQR[H G
DXWRPQH 6HV HDX[ VH UpSDQGHQW G
DERUG VXU WRXWHV VRUWHV GH WHUUHV HW GH
SODQV  PDLV FRPPH OHXU FUXH VH IDLW DYHF EHDXFRXS GH GRXFHXU OHV ODERXUHXUV OHV
GpWRXUQHQWOHVUHoRLYHQWHWOHVODLVVHQWVpMRXUQHUVXUOHXUVFKDPSVDXWDQWTX
LOVYHXOHQW
SDUOHPR\HQGHTXHOTXHVpOpYDWLRQVGHWHUUHTX
LOVDEDWWHQWHQVXLWHTXDQGLOVOHMXJHQWD
SURSRV &HV DYDQWDJHV QDWXUHOV DEUqJHQW WHOOHPHQW OHV WUDYDX[ GH OD FDPSDJQH TXH OD
SOXSDUW GHV ODERXUHXUV D\DQW VHPp OHXU FKDPS TXDQG LO HVW VXIILVDPPHQW GHVVpFKp Q
\
IRQWDXFXQHDXWUHIDoRQTXHG
\HQYR\HUOHXUVWURXSHDX[SRXUHQJUDLVVHUXQSHXODWHUUH
HWDXERXWGHTXDWUHRXFLQTPRLVLOV\YLHQQHQWIDLUHODPRLVVRQ'
DXWUHVVHFRQWHQWDQW
GH UHPXHU OD VXSHUILFLH GH OHXU FKDPS HQFRUH KXPLGH DYHF XQH OpJqUH FKDUUXH
UHFXHLOOHQW HQVXLWH GHV PRQFHDX[ GH EOpV  GH VRUWH TXH O
DJULFXOWXUH TXL FKH] OHV DXWUHV
QDWLRQV HVW XQ GHV SOXV JUDQGV WUDYDX[ GH OD YLH HW GRQW OHV IUDLV PrPH QH VRQW SDV
WRXMRXUV pJDOpV SDU OD UpFROWH Q
HVW FKH]OHVeJ\SWLHQVTX
XQH[HUFLFHRXXQHRFFXSDWLRQ
VDQV IDWLJXH HW VDQV GpSHQVH /D YLJQH D\DQW pWp DUURVpH GH PrPH SDU OH 1LO IRXUQLW GX
YLQ DERQGDPPHQW (W ORUVTXH VDQV HQVHPHQFHU OHV WHUUHV RQ OHV DEDQGRQQH DX[
WURXSHDX[TXDQGOH1LOV
HVWUHWLUpOHVEUHELVSRUWHQWGHX[IRLVHWIRXUQLVVHQWGHX[IRLVGH
ODODLQHGDQVXQHDQQpHjFDXVHGHO
H[FHOOHQFHGHVSkWXUDJHV
;;,,'pERUGHPHQWVGX1LO
/( 'e%25'(0(17 GX 1LO D XQH SDUWLFXODULWp TXL VHUDLW j SHLQH FUR\DEOH VDQV OH
WpPRLJQDJH GH WRXV FHX[ TXL HQ VRQW WpPRLQV &
HVW TX
DX OLHX TXH OHV DXWUHV IOHXYHV
FRPPHQFHQWjEDLVVHUjO
HQWUpHGHO
pWpHWVHWURXYHQWWRXMRXUVWUqVEDVGDQVOHIRUWGHV
FKDOHXUVOH1LODXFRQWUDLUHFRPPHQFHjFURvWUHGDQVOHVROVWLFHG
pWpFRPPHQRXVDYRQV
GpMj GLW HW DXJPHQWH WRXV OHV MRXUV MXVTX
j FH TX
LO FRXYUH SUHVTXH WRXWH O
eJ\SWH HQ
O
pTXLQR[HG
DXWRPQHDSUqVTXRLGLPLQXDQWGDQVODPrPHSURSRUWLRQTX
LODYDLWFU€LOVH
WURXYHOHSOXVEDVTX
LOSXLVVHrWUHGDQVOHVROVWLFHG
KLYHU&RPPHOHVYLOOHVHWODSOXSDUW
GHV WHUUHV VRQW HQWRXUpHV GH SHWLWHV GLJXHV IDLWHV GH PDLQ G
KRPPH TXL VRXWLHQQHQW OHV
HDX[GDQVOHWHPSVGXGpERUGHPHQWOHVGLIIpUHQWHVSLqFHVGHWHUUHTXLGHPHXUHQWjVHF
DX PLOLHX GHFHWWHLQRQGDWLRQUHSUpVHQWHQWSDUIDLWHPHQWOHVvOHV&\FODGHVDXPLOLHXGHOD
PHU eJpH /HV DQLPDX[ VDXYDJHV TXL SRXU OD SOXSDUW VH ODLVVHQW VXUSUHQGUH SDU OH
GpERUGHPHQW \ SpULVVHQW ,O \ HQ D SRXUWDQW TXHOTXHVXQV TXL pFKDSSHQW HQ VH VDXYDQW
VXU OHV KDXWHXUV 3RXU OHV EHVWLDX[ RQ OHV QRXUULW GDQV OHV YLOODJHV DYHF GX IRXUUDJH
TX
RQ D HX OD SUpFDXWLRQ GH OHXU DPDVVHU 0DLV OHV SHXSOHV GH OD FDPSDJQH TXL VRQW
DORUV GLVSHQVpV GH WRXW WUDYDLO SDVVHQW FH WHPSVOj HQ UHSDV HW HQ WRXWHV VRUWHV GH
SODLVLUV /H GpERUGHPHQW GX 1LO VH IDLVDQW FUDLQGUH DYDQW TXH O
RQ HQ FRQQ€W OH WHPSV HW
OD PHVXUH OHV URLV GH 0HPSKLV RQW IDLW pOHYHU XQH WRXU SRXU O
REVHUYHU &HX[ TXL VRQW
FRPPLV j FH VRLQ pFULYHQW GDQV OHV SURYLQFHV FH TX
LOV UHPDUTXHQW MRXU SDU MRXU GH
O
DXJPHQWDWLRQ HW GH OD GLPLQXWLRQ GX IOHXYH /HV REVHUYDWLRQV DQQXHOOHV HW TXHOTXHIRLV
GLIIpUHQWHV VRQW FRQVHUYpHV VRLJQHXVHPHQW GDQV OHV UHJLVWUHV SXEOLFV  GH VRUWH TXH OHV
SHXSOHV VH WLHQQHQW GpVRUPDLV WUDQTXLOOHV VXU FH VXMHW HW MXJHQW PrPH GH OD SURFKDLQH
UpFROWHSDUODGLIIpUHQFHGHVKDXWHXUVGHO
HDX
;;,,,'LIIpUHQWHVRSLQLRQVGHVSKLORVRSKHVVXUODVRXUFHGX1LO
/( 3+e120Ê1( pWRQQDQW GH FH GpERUGHPHQW SpULRGLTXH D H[HUFp MXVTX
 j SUpVHQW OD
SOXSDUW GHV SKLORVRSKHV HW GHV KLVWRULHQV TXL RQW HVVD\p G
HQ GpFRXYULU OD FDXVH 1RXV
UDSSRUWHURQV LFL OHV SULQFLSDOHV H[SOLFDWLRQV TX
LOV HQ RQW GRQQpHV SRXU QH SDV RPHWWUH
XQH TXHVWLRQ TXL H[FLWH OD FXULRVLWp GH WRXV OHV HVSULWV  PDLV QRXV OHV UDSSRUWHURQV HQ
DEUpJp SRXU QH QRXV SDV WURS pORLJQHU GX ILO GH QRWUH KLVWRLUH 4XHOTXHV SK\VLFLHQV TXL
RQW SDUOp GHV SOXV SHWLWV UXLVVHDX[ Q
RQW SDV GLW XQ PRW GHV VRXUFHV GX 1LO GH VHV
HPERXFKXUHV QL GH VHV GpERUGHPHQWV  FRPPH V
LOV DYDLHQW FUDLQW GH V
HPEDUUDVVHU
GDQV OHV VLQJXODULWpV VXUSUHQDQWHV GX SOXV JUDQGIOHXYHGHODWHUUHG
DXWUHVTXLRQWpWp
SOXV KDUGLV Q
HQ RQW SDV pWp SOXV KHXUHX[ +HOODQLFXV SDU H[HPSOH &DGPXV +pFDWpH HW
WRXV OHV DQFLHQV VH VRQW MHWpV GDQV OHV IDEOHV OHV SOXV DEVXUGHV +pURGRWH TXL D pWp XQ
GHV SOXV FXULHX[ HW GHV SOXV VDYDQWV KLVWRULHQV TXH QRXV FRQQDLVVLRQV SDUDvW DYRLU
DGRSWp GHV RSLQLRQV FRQWUDGLFWRLUHV 7KXF\GLGH HW ;pQRSKRQ TXL RQW pWpHVWLPpVSRXUOD
YpULWp GH OHXUV QDUUDWLRQV VH VRQW DEVWHQXV GH GLUH XQ VHXO PRW GH FH TXL FRQFHUQH
O
eJ\SWH eSKRUH DX FRQWUDLUH HW 7KpRSRPSH TXL VH VRQW EHDXFRXS pWHQGXV VXU FH VXMHW
Q
RQW MDPDLV UHQFRQWUp OH YUDL TX
LOV Q
RQW PrPH MDPDLV FKHUFKp VXU OHV OLHX[ (Q HIIHW
DYDQW 3WROpPpH 3KLODGHOSKH DXFXQ *UHF Q
DYDLW pWp MXVTX
DX IRQG GH O
eJ\SWH ELHQ ORLQ
G
DYRLU SpQpWUp MXVTXH GDQV O
eWKLRSLH  HW O
RQ QH YRXODLW SDV ULVTXHU OD GpFRXYHUWH
ODERULHXVH HW PrPH GDQJHUHXVH G
XQ SD\V LQKDELWp 0DLV GHSXLV TXH FH URL \ HXW PHQp
XQHDUPpHWRXWHFRPSRVpHGH*UHFVRQDYLVLWpOHVOLHX[DYHFSOXVG
H[DFWLWXGHHWO
RQD
HXGHVUHODWLRQVSOXVILGqOHVTXHFHOOHVGHVDQFLHQV&HSHQGDQWDXFXQpFULYDLQQ
DHQFRUH
GLW TX
LO H€W YX OHV VRXUFHV GX 1LO  QL TX
LO H€W SDUOp j DXFXQ YR\DJHXU TXL SUpWHQGvW OHV
DYRLU YXHV GH VRUWH TX
RQ Q
D HQFRUH TXH GHV FRQMHFWXUHV VXU FHWWH PDWLqUH /HV SUrWUHV
G
eJ\SWH SUpWHQGHQW TXH FH IOHXYH SUHQG VRQ RULJLQH GH O
2FpDQ TXL HQYLURQQH WRXWH OD
WHUUHUpVROYDQWDLQVLXQHGLIILFXOWpSDUXQHDXWUHHWGRQQDQWXQIDLWGLIILFLOHjFURLUHSRXU
UpSRQVH j XQH TXHVWLRQ HPEDUUDVVDQWH /HV 7URJORG\WHV DSSHOpV 0ROJLHQV TXH OHV
FKDOHXUV GHV OLHX[ pOHYpV TX
LOV KDELWDLHQW RQW IDLW UHWLUHU GDQV OHV GHPHXUHV EDVVHV HW
FRXYHUWHV TX
LOV RFFXSHQW DXMRXUG
KXL DOOqJXHQW GHV REVHUYDWLRQV TXL SRUWHUDLHQW j
FRQFOXUH TXH OH 1LO VH IRUPH GH SOXVLHXUV SHWLWHV VRXUFHV TXL VH UDVVHPEOHQW HQ XQ VHXO
FDQDO ,OV DMRXWHQW PrPH TXH FH VRQW FHV VRXUFHV GLIIpUHQWHV TXL GRQQHQW DX 1LO XQH
IpFRQGLWp VL JpQpUDOH /HV KDELWDQWV GH 0HURp DX[TXHOV LOV VHPEOH TX
RQ SRXUUDLW V
HQ
UDSSRUWHU SOXV V€UHPHQW SXLVTX
LOV Q
RQW DXFXQ FRPPHUFH DYHF OHV SHXSOHV FKH] TXL OHV
IDEOHV RQW SULV QDLVVDQFH HW TXH G
DLOOHXUV LOV GRLYHQW rWUHYRLVLQVGHVVRXUFHVGX1LOOHV
FRQQDLVVHQWQpDQPRLQVVLSHXTX
LOVDSSHOOHQWOHIOHXYHPrPH$UWDSH PRWTXLVLJQLILHHQ
OHXU ODQJXH IOHXYH GH WpQqEUHV  SRXU PDUTXHU TX
LOV DYRXHQW OHXU LJQRUDQFH VXU VRQ
RULJLQH HW VXU XQH JUDQGH SDUWLH GH VRQ FRXUV /H VHQWLPHQW OH SOXV YUDLVHPEODEOH SRXU
QRXV GRLW rWUH FHOXL R LO SDUDvWUD OH PRLQV GH ILFWLRQV RX GH VXSSRVLWLRQV -H VDLV
TX
+pURGRWHSODoDQWOD/LE\HjO
RULHQWHWjO
RFFLGHQWGX1LOpFULWTXHOHV/LE\HQVDSSHOpV
1DODPRQHV FRQQDLVVHQW FH IOHXYH SOXV H[DFWHPHQW TX
DXFXQ DXWUH SHXSOH HW GLW VXU OHXU
UDSSRUW TXH OH 1LO SUHQDQW VD VRXUFH GDQV XQ ODF WUDYHUVH HQVXLWH OH SD\V LPPHQVH GH
O
eWKLRSLH 6L +pURGRWH DYDLW SURXYp FH IDLW RX TXH O
RQ S€W FURLUH OHV /LE\HQV VXU OHXU
SDUROHF
HVWOjFHTXLSDUDvWOHSOXVDSSURFKDQWGHODYpULWp
;;,9&RQMHFWXUHVVXUODFDXVHGHVGpERUGHPHQWVGX1LO
$35Ê6DYRLUSDUOpGHVVRXUFHVGX1LOQRXVSDVVHURQVjVHVGpERUGHPHQWV
3UHPLqUHFRQMHFWXUH
7KDOqV XQ GHV VHSW VDJHV GH OD *UqFH GLW TXH OHV YHQWV pWpVLHQV TXL VRXIIOHQW FRQWUH OHV
HPERXFKXUHV GX 1LO HPSrFKDQW VHV HDX[ G
HQWUHU GDQV OD PHU OHV IRQW UHJRUJHU GDQV
WRXWH O
eJ\SWH TXL HVW XQ SD\V SODW HW IRUW EDV 4XHOTXH YUDLVHPEODQFH TXH SXLVVH DYRLU
FHWWH RSLQLRQ LO HVW DLVp GH OD FRPEDWWUH &DU VL FHOD pWDLW WRXV OHV IOHXYHV GRQW OHV
HPERXFKXUHV VRQW H[SRVpHV DX[ YHQWV pWpVLHQV VHUDLHQW VXMHWV DX PrPH GpERUGHPHQW 
FH TXL Q
DUULYDQW j DXFXQ DXWUH IOHXYH GDQV OH PRQGH LO IDXW FKHUFKHU XQH FDXVH SURSUH
HWSDUWLFXOLqUHDX1LO
6HFRQGHFRQMHFWXUH
/HSK\VLFLHQ$QD[DJRUHUDSSRUWHFHGpERUGHPHQWDX[QHLJHVTXLIRQGHQWGDQVO
eWKLRSLH
HWOHSRqWH(XULSLGHVRQGLVFLSOHDVXLYLFHVHQWLPHQWGDQVOHVYHUVRLOGLW
6RUWDQWGHVOLHX[EU€OpVTXLUHFqOHQWVDVRXUFH
/H1LOFURvWHWGHYLHQWXQHPHUGDQVVDFRXUVH
4XDQGOHVQHLJHVIRUPDQWG
LQQRPEUDEOHVUXLVVHDX[
'XKDXWGHVPRQWVYRLVLQVYRQWVHUHQGUHHQVHVHDX[
,OQ
HVWSDVEHVRLQG
HPSOR\HUXQHORQJXHUpIXWDWLRQFRQWUHXQHSDUHLOOHLGpHSXLVTX
LOQH
VDXUDLWWRPEHUGHODQHLJHGDQVXQSD\VVXMHWjGHVFKDOHXUVDXVVLH[FHVVLYHVTXHOHVRQW
GH O
DYHX GH WRXW OH PRQGH FHOOHV GH O
eWKLRSLH  HQ HIIHW RQ QH FRQQDvW Oj QL JODFH QL
IURLG QL DXFXQH DSSDUHQFH G
KLYHU VXUWRXW GDQV OH WHPSV GX GpERUGHPHQW 0DLV TXDQG
PrPHRQDFFRUGHUDLWTX
LOS€WQHLJHUDXGHOjGHO
eWKLRSLHRQVDLWTX
XQIOHXYHJURVVLSDU
OHV QHLJHV UHQG O
DLU SOXV IURLG HW SOXV SHVDQW  2U OH 1LO HVW OH VHXO WRXV OHV IOHXYHV VXU
OHTXHO LO QH V
DPDVVH MDPDLV GH QXDJHV HW DX[ HQYLURQV GXTXHO LO QH VRXIIOH MDPDLV GH
YHQWIURLG
7URLVLqPHFRQMHFWXUH
+pURGRWH GLW TXH OH 1LO HVW QDWXUHOOHPHQW GH OD JUDQGHXU GRQW LO SDUDvW GDQV VRQ
GpERUGHPHQW  PDLV TXH SHQGDQW QRWUH KLYHU OH VROHLO TXL V
DSSURFKH GH VHV VRXUFHV
DWWLUH j OXL XQH SDUWLH GH VHV HDX[ &HW DVWUH FRQWLQXHWLO UHYHQDQW HQ pWp VXU OHV
IOHXYHV GH OD *UqFH HW GHV UpJLRQV VHSWHQWULRQDOHV OHV GLPLQXH HW OHV IDLW EDLVVHU SDU OD
PrPHUDLVRQGDQVOHWHPSVTXHOH1LODXJPHQWH&HWWHH[SOLFDWLRQIUDSSHG
DERUGHQFH
TX
HOOH VDWLVIDLW SDU XQ VHXO HW PrPH SULQFLSH DX[ GHX[ SKpQRPqQHV RSSRVpV TXL VH
VXFFqGHQW 0DLV RQ \ UpSRQG TXH VL OH VROHLO DWWLUDLW SHQGDQW O
KLYHU OHV HDX[ GX 1LO LO
DWWLUHUDLWDXVVLFHOOHVGHVDXWUHVIOHXYHVGHO
$IULTXHGRQWOHVVRXUFHVVRQWGDQVOHPrPH
FOLPDW &HSHQGDQW DXFXQ GH FHV IOHXYHV QH EDLVVH GDQV FH WHPSVOj  DLQVL FHWWH
H[SOLFDWLRQQHVHVRXWLHQWSDV(QHIIHWFHQ
HVWSDVO
pORLJQHPHQWGXVROHLOPDLVFHVRQW
OHVJUDQGHVSOXLHVTXLIRQWFURvWUHOHVIOHXYHVGHOD*UqFHSHQGDQWO¶KLYHU
4XDWULqPHFRQMHFWXUH
'pPRFULWH $EGpULWDLQ GLW TX
j OD YpULWp LO QH QHLJH SRLQW GDQV WRXW O
HVSDFH GH OD ]RQH
WRUULGH PDOJUp FH TX
$QD[DJRUH HW (XULSLGH RQW VXSSRVp FRQWUH WRXWH YUDLVHPEODQFH 
PDLV TXH OHV YDSHXUV IURLGHV HW KXPLGHV VXVSHQGXHV HQWUH OHV WURSLTXHV HW OHV S{OHV
GHPHXUHQWFRQJHOpHVHQO
DLUMXVTX
jFHTXHOHVFKDOHXUVGHO
pWpOHVIDVVHQWGLVVRXGUH
OD SOXLH TXL WRPEH DORUV HQ DERQGDQFH IDLW pOHYHU OHV QRXYHOOHV H[KDODLVRQV GH OD WHUUH
MXVTX
DX SOXV KDXW GH OD PR\HQQH UpJLRQ GH O
DLU R HOOHV V
DPDVVHQW HQ QXDJHV /HV
YHQWV pWpVLHQV SRXVVHQW GHYDQW HX[ FHV QXDJHV MXVTXH j FH TX
LOV UHQFRQWUHQW OHV
PRQWDJQHV GH O
eWKLRSLH TXL pWDQW G
XQH KDXWHXU SURGLJLHXVH QH OHXU SHUPHWWHQW SDV
G
DOOHU SOXV ORLQ  O
LPSpWXRVLWp VHXOH DYHF ODTXHOOH LOV YRQW GRQQHU FRQWUH FHV PRQWDJQHV
OHVIDLWURPSUHHWWRPEHUHQSOXLHYHUVOHVVRXUFHVGHFHIOHXYHHWGHOjYLHQWTXHOH1LO
V
HQIOH DX WHPSV GHV YHQWV pWpVLHQV &HWWH H[SOLFDWLRQ QH V
DFFRUGH SRLQW DYHF OH YUDL
WHPSV GX GpERUGHPHQW &DU OH 1LO FRPPHQFH j FURvWUH GDQV O
pWp DYDQW TXH OHV YHQWV
pWpVLHQV DLHQWVRXIIOpHWLOQHILQLWTX
HQO
pTXLQR[HG
DXWRPQHORQJWHPSVDSUqVTX
LOVQH
VRXIIOHQWSOXV$LQVLO
H[SpULHQFHGpWUXLWFHV\VWqPHTX
RQSHXWHVWLPHUFRPPHLQJpQLHX[
PDLV TX
RQ QH GRLW SDV DGPHWWUH FRPPH YUDL -H SRXUUDLV DMRXWHU TXH OHV YHQWV pWpVLHQV
QH YLHQQHQW SDV SOXV GX VHSWHQWULRQ TXH GH O
RFFLGHQW FDU RQ DSSHOOH pWpVLHQV OHV YHQWV
TXL YLHQQHQW GX FRXFKDQW G
pWp DXVVL ELHQ TXH FHX[ TXL YLHQQHQW GX S{OH '
DLOOHXUV ULHQ
Q
HVW PRLQV FRQQX QL PRLQV SURXYp TXH FHV KDXWHV PRQWDJQHV TX
RQ VXSSRVH GDQV
O
eWKLRSLH
&LQTXLqPHFRQMHFWXUH
eSKRUH D GRQQp XQH H[SOLFDWLRQ SOXV QRXYHOOH TXH WRXWHV OHV DXWUHV GH O
HIIHW GRQW LO
V
DJLW ,O O
D UHQGXH OD SOXV YUDLVHPEODEOH TX
LO OXL D pWp SRVVLEOH VDQV OD UHQGUH SOXV
YpULWDEOH ,O SUpWHQG TXH WRXWH O
eJ\SWH Q
HVW TX
XQH WHUUH DPDVVpH RX DFFXPXOpH SDU OH
IOHXYH PrPH ODTXHOOH SDU FRQVpTXHQW HVW GHPHXUpH VSRQJLHXVH HW SOHLQH GH IHQWHV TXL
FRQWLHQQHQW XQH JUDQGH TXDQWLWp G
HDX &HWWH HDX \ GHPHXUH HQIHUPpH SHQGDQW O
KLYHU
PDLV HQ pWp HOOH HQ VRUW GH WRXWHV SDUWV FRPPH SDU XQH HVSqFH GH VXHXU RX GH
VXLQWHPHQW HW F
HVW FH TXL IDLW JURVVLU OH IOHXYH 8Q DXWHXU TXL UDLVRQQH DLQVL SDUDvW QRQ
VHXOHPHQW Q
DYRLU MDPDLV YX O
eJ\SWH PDLV Q
DYRLU SDV PrPH LQWHUURJp FHX[ TXL O
RQW
YXH &DU HQ SUHPLHU OLHX VL F
pWDLW GHV HDX[ HQIHUPpHVGDQVOHWHUURLUGHO
eJ\SWHTXHOH
IOHXYH SULW VRQ DFFURLVVHPHQW LO V
HQVXLYUDLW TX
LO QH GHYUDLW SRLQW FURvWUH GDQV WRXV OHV
OLHX[ TXL VRQW DXGHVVXV GH O
eJ\SWH FRPPH O
eWKLRSLH R LO QH WURXYH SRXU IRQG TX
XQ
WHUUDLQ DULGH HW FRXYHUW GH URFKHV  HW R LO FRXOH SRXUWDQW O
HVSDFH GH VL[ PLOOH VWDGHV
VXMHW DX[ PrPHV GpERUGHPHQWV TXH GDQV O
eJ\SWH (Q VHFRQG OLHX VL FHV IHQWHV RX FHV
RXYHUWXUHVGXOLWGXIOHXYHVRQWSOXVKDXWHVTXHOHIOHXYHGDQVVRQFRXUVRUGLQDLUHRQOHV
DSHUFHYUDLW HQ FHUWDLQV WHPSV  HW G
DLOOHXUV HOOHV QH VDXUDLHQW FRQWHQLU FHWWH LPPHQVH
TXDQWLWpG
HDX6LDXFRQWUDLUHHOOHVVRQWSOXVEDVVHVO
HDXTX
HOOHVHQIHUPHQWQHVDXUDLW
PRQWHU SRXU YHQLU JDJQHU OH IOHXYH (QILQ RQ QH FRPSUHQG SDV FRPPHQW XQH HDX TXL QH
VRUWGHODWHUUHTXHSDUXQHHVSqFHGHVXLQWHPHQWHVWFDSDEOHGHFDXVHUXQGpERUGHPHQW
TXL LQRQGH WRXWH O
eJ\SWH -H Q
LQVLVWH SRLQW VXU FH TX
RQ VXSSRVH JUDWXLWHPHQW TXH
O
eJ\SWH pWDQW XQH WHUUH DFFXPXOpH VRLW SOHLQH GH UpVHUYRLUV G
HDXPDLVO
HIIHWTX
RQHQ
FRQFOXW HVW PDQLIHVWHPHQW LPDJLQDLUH &DU OH 0pDQGUH D IRUPp GDQV O
$VLH XQ WHUUDLQ GX
OLPRQ TX
LO D FKDUULp /
$FKHORV D IDLW OD PrPH FKRVH GDQV O
$FDUQDQLH HW OH &pSKLVH D
DPHQp GDQV OD %pRWLH GHV WHUUHV TX
LO D SULVHV HQ SDVVDQW SDU OD 3KRFLGH &HSHQGDQW LO
Q
DUULYHjDXFXQGHFHVIOHXYHVULHQGHVHPEODEOHDXGpERUGHPHQWGX1LO$SUqVWRXWLOQH
IDXW SDV rWUH VXUSULV GH WURXYHU eSKRUH SHX H[DFW VXU FHW DUWLFOH SXLVTX
LO QH SDUDvW
MDPDLVFKHUFKHUOHYUDLGDQVVHVQDUUDWLRQV
6L[LqPHFRQMHFWXUH
/HV SKLORVRSKHV GH 0HPSKLV DSSRUWHQW XQH UDLVRQ GH FH PrPH HIIHW j ODTXHOOH SOXVLHXUV
VHUHQGHQWTXRLTX
HOOHSDUDLVVHPRLQVUHFHYDEOHSDUHOOHPrPHTXHGLIILFLOHjFRQYDLQFUH
GH IDXVVHWp ,OV GLVHQW TXH OH PRQGH HVW SDUWDJp HQ WURLV ]RQHV /
XQH HVW OD
VHSWHQWULRQDOH TXH QRXV KDELWRQV  O
DXWUH HVW OD PpULGLRQDOH KDELWpH DXVVL PDLV TXL D
O
DOWHUQDWLYH GH QRV VDLVRQV  OD WURLVLqPH TXL VpSDUH O
XQH GH O
DXWUH HVW UHQGXH
LQKDELWDEOHSDUOHVJUDQGHVFKDOHXUV6LOH1LODYDLWVDVRXUFHGDQVQRWUH]RQHLOFURvWUDLW
HQKLYHUSDUFHTXHFHWWHVDLVRQDPqQHOHVJUDQGHVSOXLHVPDLVSXLVTX
LOFURvWHQpWpLO
HVWjFURLUHTX
LO\DGHVOLHX[TXLRQWO
KLYHUSHQGDQWTXHQRXVDYRQVODVDLVRQFRQWUDLUH
HW TXH FH IOHXYH D\DQW Oj VHV VRXUFHV QRXV DSSRUWH LFL VHV HDX[ JURVVLHV GDQV OH FOLPDW
TXLQRXVRSSRVH&
HVWSRXUFHODPrPHDMRXWHQWLOVTX
RQQHSHXWGpFRXYULUOHVVRXUFHV
GX1LOSDUFHTX
LOIDXGUDLWWUDYHUVHUOD]RQHLQKDELWDEOHSRXU\DUULYHU/
H[WUrPHGRXFHXU
GHV HDX[ GH FH IOHXYH HVW VHORQ HX[ XQH SUHXYH GH VRQ SDVVDJH VRXV OD ]RQH WRUULGH
SDUFHGLVHQWLOVTXHOHSURSUHGHODFKDOHXUHWGHODFRFWLRQHVWG
DGRXFLUWRXWFHTXLHVW
KXPLGH ,O VH SUpVHQWH QpDQPRLQV XQH REMHFWLRQ VHQVLEOH FRQWUH FH VHQWLPHQW  VDYRLU
TX
LO HVW LPSRVVLEOH TXH OH IOHXYH V
pOqYH SRXU YHQLU G
XQH SDUWLH GH OD WHUUH TXL QRXV
VHUDLW LQIpULHXUH VL O
RQ IDLW DWWHQWLRQ TXH OD WHUUH HVW URQGH  DLQVL TXDQG PrPH FHV
SKLORVRSKHVQRXVpEORXLUDLHQWOjGHVVXVSDUOHXUVUDLVRQQHPHQWVRQVHQWLUDWRXMRXUVTXH
OD QDWXUH V
RSSRVH j FHW HIIHW &
HVW HQ YDLQ TX
LOV FURLHQW pFKDSSHU j QRV GLIILFXOWpV HQ
QRXV UHQYR\DQW DXGHOjG
XQSD\VLQKDELWDEOHSRXUYpULILHUOHXUSURSRVLWLRQ&DUF
HVWj
FHOXLTXLDYDQFHXQIDLWSK\VLTXHjHQpWDEOLUODFHUWLWXGHSDUGHVWpPRLJQDJHVFRQVWDQWV
RX GX PRLQV j HQ SURXYHU OD SRVVLELOLWp SDU GHV SULQFLSHV GpMj UHoXV 2U SRXUTXRL OH 1LO
VHUDLWLOOHVHXOGHWRXVOHVIOHXYHVGXPRQGHTXLQRXVYvQWGHFHFOLPDWRSSRVpRLOGRLW
\HQDYRLUjSHXSUqVDXWDQWTXHGDQVOHQ{WUH"/DSUHXYHTX
LOVWLUHQWGHODGRXFHXUGHV
HDX[ GX 1LO HVW DEVROXPHQW IULYROH &DU VL OHV HDX[ FXLWHV SRXU DLQVL GLUH SDU OD FKDOHXU
DYDLHQW SHUGX OHXU GLVSRVLWLRQ QDWXUHOOH HW SULPLWLYH HOOHV QH SURGXLUDLHQW SDV FRPPH
HOOHV IRQW WDQW G
HVSqFHV GLIIpUHQWHV GH SRLVVRQV HW G
DXWUHV DQLPDX[  SXLVTXH WRXWH
OLTXHXU TXL D pWp DOWpUpH HW FKDQJpH SDU OH IHX Q
HVW SOXV SURSUH QL j OD JpQpUDWLRQ QL j
O
HQWUHWLHQ G
DXFXQ rWUH YLYDQW  DLQVL OD IpFRQGLWp GX 1LO pWDQW FRQWUDLUH j FHWWH
H[SOLFDWLRQHOOHQ
HVWSDVPHLOOHXUHTXHOHVSUpFpGHQWHV
6HSWLqPHFRQMHFWXUH
2HQRSLGH GH &KLR GLW TXH OHV HDX[ VRXWHUUDLQHV VRQW IURLGHV O
pWp HW FKDXGHV O
KLYHU FH
TX
LO SURXYH SDU O
H[SpULHQFH GHV HDX[ GH SXLWV R O
RQ UHPDUTXH HQ HIIHW FHWWH
FRQWUDULpWp'HOjYLHQWDMRXWHWLOTXHOH1LOEDLVVHHQKLYHUFDUFRPPHG
DLOOHXUVLOQH
SOHXW SRLQW HQ eJ\SWH OD FKDOHXU TXL HVW FRQFHQWUpH GDQV OD WHUUH HQ FHWWH VDLVRQ
FRQVXPH OHV HDX[ HW GLPLQXH OH IOHXYH  DX OLHX TX
HQ pWp OD IUDvFKHXU QDWXUHOOH GH VRQ
IRQG HQWUHWLHQW VRQ DERQGDQFH QDWXUHOOH &H VHQWLPHQW HVW HQFRUH GpWUXLW SDU OD
FRPSDUDLVRQ GHV DXWUHV IOHXYHV GH OD/LE\HTXLFRXOHQWGDQVOHPrPHVHQVTXHOH1LOHW
TXL HQ VRQW PrPH WUqV YRLVLQV OHVTXHOV QpDQPRLQV JURVVLVVDQW HQ KLYHU HW EDLVVDQW HQ
pWpSURXYHQWTXHFHSKLORVRSKHFKHUFKHDGpWUXLUHODYpULWpSDUGHVYUDLVHPEODQFHV
+XLWLqPHFRQMHFWXUH
$JDWDUFKLGHV GH &QLGH VHPEOH DYRLU PLHX[ UHQFRQWUp TXDQG LO GLW TX
LO SOHXW
FRQWLQXHOOHPHQW VXU OHV PRQWDJQHV G
eWKLRSLH GHSXLV OH VROVWLFH G
pWp MXVTX
j O
pTXLQR[H
G
DXWRPQH  HW TX
DLQVL OH IOHXYH GRLW DXJPHQWHU GDQV FHW LQWHUYDOOH SDU OH FRQFRXUV GHV
WRUUHQWVDXOLHXTXHO
KLYHULOQHWLUHVHVHDX[TXHGHVHVVRXUFHV0DLVHQILQDMRXWHWLO
TXRLTXHSHUVRQQHQ
DLWHQFRUHGpPRQWUpFODLUHPHQWODFDXVHGHFHSKpQRPqQHRQQHGRLW
SDVPpSULVHUVRQH[SOLFDWLRQSDUWLFXOLqUH/DQDWXUHQRXVRIIUHXQHLQILQLWpG
DXWUHVHIIHWV
GRQWLOQHVHUDLWSDVSOXVDLVpGHUHQGUHUDLVRQ&HSHQGDQWXQHSUHXYHGHVRQVHQWLPHQW
HVWFHTXLDUULYHHQFHUWDLQVHQGURLWVGHO
$VLHVXUOHVFRQILQVGHOD6F\WKLHSDUH[HPSOH
GX F{Wp GX PRQW &DXFDVH /
KLYHU pWDQW HQWLqUHPHQW SDVVp LO HVW LPPDQTXDEOH GH YRLU
WRPEHU SOXVLHXUV MRXUV GH VXLWH XQH TXDQWLWp SURGLJLHXVH GH QHLJH $X VHSWHQWULRQ GHV
,QGHV F
HVW XQH JUrOH IXULHXVH SDU VD JURVVHXU HW SDU VRQ DERQGDQFH TXL D DXVVL VHV
WHPSVPDUTXpV$O
HQWUpHGHO
pWpLOSOHXWWRXMRXUVDX[HQYLURQVGXIOHXYH+\GDVSHHWOD
PrPH FKRVH DUULYH HQ eWKLRSLH &H VRQW FRPPH GHV WHPSrWHV UpJXOLqUHV GRQW OH UHWRXU
HVWWRXMRXUVFHUWDLQ$LQVLFRPPHOHV%DUEDUHVYRLVLQVGHFHWWHFRQWUpHUHQGHQWOHPrPH
WpPRLJQDJHLOQHVHUDLWSDVVXUSUHQDQWTXHOHVSOXLHVGHVPRQWDJQHVGHO
eWKLRSLHILVVHQW
FURvWUH OH 1LO WRXV OHV pWpV 2U TXRLTXH OH FRQWUDLUH DUULYH GDQV QRWUH FOLPDW FHOD QH UHQG
SRLQW LQFUR\DEOH OH IDLW DOOpJXp 1H VDLWRQ SDV TXH OH YHQW GX 0LGL TXL QRXV DPqQH OD
SOXLH IDLW OH EHDX WHPSV YHUV O
eWKLRSLH HW TXH OHV $TXLORQV TXL VRQW YLROHQWV HQ (XURSH
VRQW GRX[ HW IDLEOHV HQ $IULTXH 1RXV SRXUULRQV IDLUH XQH GLVVHUWDWLRQ EHDXFRXS SOXV
ORQJXH VXU WRXWHV FHV RSLQLRQV PDLV QRXV QRXV FRQWHQWHURQV GH FH TXH QRXV DYRQV GLW
MXVTXH j SUpVHQW SRXU QH SDV VRUWLU GH OD EULqYHWp TXH QRXV QRXV VRPPHV SUHVFULWH $X
UHVWH D\DQW GHVVHLQ GH GLYLVHU FH SUHPLHU OLYUH HQ GHX[ SDUWLHV D FDXVH GH VD ORQJXHXU
QRXV DFKHYRQV LFL OD SUHPLqUH SRXU SODFHU GDQV OD VHFRQGH FH TXL FRQFHUQH O
KLVWRLUH GH
O
eJ\SWHF
HVWjGLUHODVXLWHGHVHVURLVHWODGHVFULSWLRQGHVDQFLHQQHVP°XUVGXSD\V
)LQGHODSUHPLqUHVHFWLRQ

/,95(35(0,(5
6(&7,216(&21'(
,$9$17352326
/$ SUHPLqUH SDUWLH GH FH OLYUH DSUqV XQH SUpIDFH JpQpUDOH VXU WRXW O
RXYUDJH FRQWLHQW
O
H[SOLFDWLRQ GHV VHQWLPHQWV GLIIpUHQWV TXH O
RQ D HXV VXU OD IRUPDWLRQ HW VXU OD
FRQVWLWXWLRQ GH O
XQLYHUV 1RXV DYRQV SDUOp HQVXLWH GHV GLHX[ TXL RQW EkWL GHVYLOOHVGDQV
O
eJ\SWH HW TXL OHXU RQW GRQQp OHXU QRP 1RXV DYRQV GLW TXHOOH pWDLW OD PDQLqUH GH YLYUH
GHV SUHPLHUV KRPPHV 1RXV DYRQV PDUTXp O
RULJLQH GX FXOWH GHV GLHX[ HW OD IRQGDWLRQ
GHV SUHPLHUV WHPSOHV 'H Oj QRXV VRPPHV YHQXV j XQH GHVFULSWLRQ H[DFWH GH O
eJ\SWH
QRXV DYRQV UDSSRUWp WRXW FH TXH OHV KLVWRULHQV HW SKLORVRSKHV RQW GLW GH UHPDUTXDEOH HW
GH PHUYHLOOHX[ DX VXMHW GX 1LO HW QRXV \ DYRQV MRLQW OHV REMHFWLRQV TXH O
RQ SHXW IDLUH
FRQWUH FKDFXQH GH OHXUV RSLQLRQV 'DQV FHWWH VHFRQGH SDUWLH QRXV SRXUVXLYURQV QRWUH
+LVWRLUHHQUDFRQWDQWHQGpWDLOOHVDFWLRQVGHVSUHPLHUVURLVGHO
eJ\SWHMXVTX
j$PDVLV
PDLVDYDQWWRXWHVFKRVHVQRXVH[SOLTXHURQVOHVDQFLHQQHVFRXWXPHVGHVeJ\SWLHQV
,,1RXUULWXUHHWKDELWDWLRQGHVeJ\SWLHQV
21',7TXHGDQVOHVFRPPHQFHPHQWVOHVeJ\SWLHQVQHYLYDLHQWTXHG
KHUEHVPDQJHDQW
GHV FKRX[ RX GHV UDFLQHV TX
LOV WURXYDLHQW GDQV OHV PDUDLV VDQV DXWUH SULQFLSH GH
GLVFHUQHPHQW TXH OH JR€W TX
LOV \ WURXYDLHQW ,OV XVDLHQW VXUWRXW GH O
KHUEH QRPPpH
$JURVWLV TXL HVW G
XQ JR€W H[FHOOHQW HW TXL G
DLOOHXUV HVW VXIILVDQWH SRXU OD QRXUULWXUH GH
O
KRPPHLOHVWFHUWDLQGXPRLQVTX
HOOHHVWVDOXWDLUHDX[WURXSHDX[HWHOOHOHVHQJUDLVVH
YLVLEOHPHQW/HVeJ\SWLHQVHQFRUHDXMRXUG
KXLHQPpPRLUHGHO
XWLOLWpTXHOHXUVSqUHVRQW
WLUpH GH FHWWH SODQWH HQ SRUWHQW GDQV OHXUV PDLQV TXDQG LOV YRQW IDLUH OHXUV SULqUHV DX[
WHPSOHVGHVGLHX[,OVFURLHQWFRPPHQRXVO
DYRQVYXTXHO
KRPPHHVWXQDQLPDOIRUPp
GX OLPRQ GHV PDUDLV ,O HQ WLHQW HQFRUH GLVHQWLOV VD SHDX OLVVH HW XQLH  HW F
HVW SDU Oj
TXH OHV DOLPHQWV KXPLGHV OXL FRQYLHQQHQW PLHX[ TXH OHV VHFV /H VHFRQG PHWV GHV
eJ\SWLHQVDpWpOHSRLVVRQ/HIOHXYHOHXUHQIRXUQLWXQHTXDQWLWpSURGLJLHXVHHWOHVWHUUHV
HQGHPHXUHQWFRXYHUWHVORUVTXHOHVHDX[VHUHWLUHQWLOVPDQJHDLHQWDXVVLGHODFKDLUGH
OHXUV EHVWLDX[ HW VH VHUYDLHQW GH OHXU SHDX SRXU VH YrWLU ,OV VH IDLVDLHQW GHV PDLVRQVGH
URVHDX[ HQWUHODFpV  OHV WUDFHV GH FHWWH FRXWXPH VRQW UHVWpHV FKH] OHV SDVWHXUV GH
O
eJ\SWH TXL Q
RQW HQFRUH TXH FHWWH HVSqFH G
KDELWDWLRQ GRQW LOV VH FRQWHQWHQW /HV
eJ\SWLHQV DSUqV XQ DVVH] ORQJ WHPSV SDVVqUHQW j O
XVDJH GHV IUXLWV  OH SULQFLSDO HVW OH
ORWRV GRQW LOV IRQW GX SDLQ /HV XQV WLHQQHQW TXH FHWWH LQYHQWLRQ OHXU YLHQW G
,VLV HW
G
DXWUHVODUDSSRUWHQWjXQGHOHXUVDQFLHQVURLVQRPPp0pQqV
,,,6XLWHJpQpUDOHGHVSULQFHVTXLRQWJRXYHUQpO
eJ\SWHGDQVODVXFFHVVLRQGHVWHPSV
/(6 SUrWUHV GLVHQW TX
+HUPqV D pWp O
LQYHQWHXU GH WRXWHV OHV GLVFLSOLQHV HW GH WRXV OHV
DUWV FRPPH OHXUV URLV O
RQW pWp GH WRXW FH TXL FRQFHUQH OHV EHVRLQV GH OD YLH &
HVW SRXU
FHOD TX
DXWUHIRLV OH VFHSWUH QH SDVVDLW SDV HQ eJ\SWH DX[ GHVFHQGDQWVGXIHXURLPDLVLO
pWDLW GRQQp j FHX[ TXL V
pWDLHQW UHQGXV UHFRPPDQGDEOHV SDU OHXUV ELHQIDLWV VRLW TXH OHV
SHXSOHV YRXOXVVHQW DVVXUHU OH ERQKHXU SXEOLF SDU FHWWH FRXWXPH VRLW TX
LOV HXVVHQW
WURXYp FHWWH ORL GDQV OHV OLYUHV VDFUpV 4XHOTXHVXQV G
HQWUH FHV SUrWUHV GRQQHQWSUqVGH
GL[KXLW PLOOH DQV DX UqJQH GHV GLHX[ HW GHV KpURV TX
LOV WHUPLQHQW HQ OD SHUVRQQH
G
+RUXVILOVG
,VLVHWLOVIRQWFRPPHQFHUFHOXLGHVURLVSUqVGHTXLQ]HPLOOHDQVDYDQWOD
FHQWTXDWUHYLQJWLqPHRO\PSLDGHWHPSVDXTXHOM
DOODLPRLPrPHHQeJ\SWHGXYLYDQWGH
3WROpPpHVXUQRPPpOHQRXYHDX%DFFKXV/DSOXSDUWGHFHVURLVpWDLHQWQpVGDQVO
eJ\SWH
PrPH ,O \ HQ D SRXUWDQW HX TXHOTXHVXQV G
eWKLRSLH RX GH 3HUVH HW GH 0DFpGRLQH /HV
URLV pWKLRSLHQV DX QRPEUH GH TXDWUH RQW UpJQp SUqV GH WUHQWHVL[ DQV QRQ WRXW GH VXLWH
PDLV j GLIIpUHQWHV UHSULVHV 'HSXLV &DPE\VH TXL FRQTXLW O
eJ\SWH OHV URLV GH 3HUVH RQW
UpJQp FHQW WUHQWHFLQT DQV \ FRPSULV OH WHPSV GHV UpYROWHV DX[TXHOOHV OD GXUHWp GHOHXU
JRXYHUQHPHQW HW OHXU LPSLpWp HQYHUV OHV GLHX[ GX SD\V RQW GRQQp OLHX SOXV G
XQH IRLV
(QILQ OHV URLV PDFpGRQLHQV HW OHXUV VXFFHVVHXUV HQ RQW WHQX O
HPSLUH O
HVSDFH GH GHX[
FHQW VRL[DQWH HW VHL]H DQV /H UHVWH GHV TXLQ]H PLOOH DQV D pWp UHPSOL SDU OHV URLV
pJ\SWLHQV HQWUH OHVTXHOV LO \ D HX TXDWUH FHQW VRL[DQWH HW GL[ URLV HW FLQT UHLQHV /HV
SUrWUHV DYDLHQW GDQV OHXUV DUFKLYHV GHV PpPRLUHV TX
LOV DYDLHQW UHoXV GH OHXUV
SUpGpFHVVHXUV SDU XQH WUDGLWLRQ LPPpPRULDOH  RQ \ YR\DLW TXHOOHV DYDLHQW pWp OD WDLOOH
OHV P°XUV HW OHV DFWLRQV GH FKDFXQ GH FHV URLV 1RXVQ
HQWUHSUHQRQVSDVG
HQIDLUHLFLOH
GpWDLO  LO VHUDLW ORQJ HW SOHLQ GH UpFLWV DVVH] LQXWLOHV PDLV QRXV UDSSRUWHURQV
VXFFLQFWHPHQWFHTXLPpULWHG
HQWUHUGDQVXQFRUSVG
+LVWRLUHFRPPHFHOXLFL
,93UHPLHUVURLVpJ\SWLHQVHWOHXUVRXYUDJHV
21',7HQeJ\SWHTXHOHSUHPLHUVXFFHVVHXUGHVGLHX[DpWp0pQqVHWTXHF
HVWOXLTXLD
HQVHLJQp DX[ KRPPHV j OHV DGRUHU HW j OHXU IDLUH GHV VDFULILFHV 0DLV G
DLOOHXUV LO
LQWURGXLVLW OHV WDEOHV OHV OLWV OHV pWRIIHV SUpFLHXVHV HQ XQ PRW WRXV OHV LQVWUXPHQWV GX
OX[H HW GH OD YROXSWp 2Q UDFRQWH j FH SURSRV TXH SOXVLHXUV VLqFOHV DSUqV OXL
*QHSKDFWXVSqUHGH%RFFKRULVOHVDJHpWDQWDOOpIDLUHODJXHUUHHQ$UDELHHWpWDQWREOLJp
GH ODLVVHU GHUULqUH OXL XQH JUDQGH SDUWLH GH VHV SURYLVLRQV GH ERXFKH j FDXVH GH OD
ORQJXHXU HW GH OD GLIILFXOWp GHV FKHPLQV IXW FRQWUDLQW GH SDVVHU XQH MRXUQpH FKH] XQ
SD\VDQ GDQV XQH H[WUrPH IUXJDOLWp ,O \ WURXYD GX SODLVLU HW FRQGDPQDQW OD VRPSWXRVLWp
HW OD PROOHVVH LO PDXGLW FHOXL TXL HQ DYDLW GRQQp OH SUHPLHU H[HPSOH DX[ URLV ,O SULW
PrPH WHOOHPHQW j F°XU GH UpIRUPHU HW VHV DPHXEOHPHQWV HW VD WDEOH TX
LO ILW pFULUH HQ
FDUDFWqUHVVDFUpVGDQVOHWHPSOHGH-XSLWHUj7KqEHVODPDOpGLFWLRQGRQWLODYDLWFKDUJpOH
QRP GH 0qQqVHWO
RQFURLWTXHF
HVWODUDLVRQSRXUTXRLOHVKRQQHXUVTX
RQUHQGDLWjOD
PpPRLUHGHFHSUHPLHUURLG
eJ\SWHQ
RQWSDVpWpFRQWLQXpV6HVGHVFHQGDQWVDXQRPEUH
GH  RQW UpJQp SOXV GH  DQV SHQGDQW OHVTXHOV LO QH V
HVW ULHQ SDVVp GH
UHPDUTXDEOH%XVLULVYLHQWDSUqVHX[HWFHIXWOHKXLWLqPHURLGHVDUDFHQRPPp%XVLULV
FRPPH OXL TXL EkWLW OD JUDQGH YLOOH GH 'LRVSROLV TXH OHV *UHFV RQW DSSHOpH 7KqEHV 6RQ
HQFHLQWHpWDLWGHFHQWTXDUDQWHVWDGHV6RQIRQGDWHXU\pOHYDGHVWHPSOHVVXSHUEHVTX
LO
HQULFKLW HQFRUH GH PDJQLILTXHV SUpVHQWV ,O OD UHPSOLW GH PDLVRQV GH SDUWLFXOLHUV TXL
pWDLHQW WRXWHV GH TXDWUH j FLQT pWDJHV  LO OD UHQGLW HQILQ OD YLOOH OD SOXV RSXOHQWH QRQ
VHXOHPHQW GH O
eJ\SWH PDLV GX PRQGH HQWLHU /H EUXLW GH VD SXLVVDQFH HW GH VHV
ULFKHVVHVV
pWDQWUpSDQGXSDUWRXWDGRQQpOLHXj+RPqUHG
HQSDUOHUHQFHVWHUPHV
1RQTXDQGLOP
RIIULUDLWSRXUFDOPHUPHVWUDQVSRUWV
&HTXH7KqEHVG
eJ\SWHHQIHUPHGHWUpVRUV
7KqEHVTXLGDQVODSODLQHHQYR\DQWVHVFRKRUWHV
2XYUHjYLQJWPLOOHFKDUVVHVFHQWIDPHXVHVSRUWHV
1pDQPRLQV VHORQ TXHOTXHV DXWHXUV 7KqEHV Q
DYDLW SRLQW FHQW SRUWHV  PDLV SUHQDQW OH
QRPEUH GH FHQWSRXUSOXVLHXUVHOOHpWDLWVXUQRPPpHKpFDWRPS\OHQRQSHXWrWUHGHVHV
SRUWHV PDLV GHV JUDQGV YHVWLEXOHV TXL pWDLHQW j O
HQWUpH GH VHV WHPSOHV 'X UHVWH HOOH
IRXUQLVVDLW YpULWDEOHPHQW YLQJW PLOOH FKDULRWV FDU GHSXLV 7KqEHV MXVTX
j 0HPSKLV RQ
WURXYDLW OH ORQJ GX IOHXYH FHQW pFXULHV TXL FRQWHQDLHQW FKDFXQH GHX[ FHQWV FKHYDX[ HW
GRQW RQ YRLW HQFRUH OHV UHVWHV 3OXVLHXUV DXWUHV URLV DSUqV %XVLULV RQW FRQWULEXp DX[
HPEHOOLVVHPHQWV GH 7KqEHV ,O Q
HVW HQWUp GDQV DXFXQH YLOOH GX PRQGH WDQW G
RIIUDQGHV
HQRUHQDUJHQWHQLYRLUHHQVWDWXHVFRORVVDOHVHWHQREpOLVTXHVG
XQHVHXOHSLHUUH'HV
TXDWUHSULQFLSDX[WHPSOHVOHSOXVDQFLHQpWDLWXQHPHUYHLOOHHQJUDQGHXUHWHQEHDXWp,O
DYDLW WUHL]H VWDGHV GH WRXUHWTXDUDQWHFLQTFRXGpHVGHKDXWHWVHVPXUDLOOHVpWDLHQWGH
 SLHGV G
pSDLVVHXU 7RXV OHV RUQHPHQWV GX WHPSOH HW SDU OD ULFKHVVH GH OD PDWLqUH HW
SDU OD ILQHVVH GX WUDYDLO UpSRQGDLHQW j OD PDJQLILFHQFH GH O
pGLILFH TXL VXEVLVWH HQFRUH 
PDLV O
RU O
DUJHQW O
LYRLUH HW OHV SLHUUHV SUpFLHXVHV IXUHQW SLOOpHV ORUVTXH &DPE\VH ILW
PHWWUHOHIHXjWRXVOHVWHPSOHVGHO
eJ\SWH&HIXWDORUVTXHOHV3HUVHVWUDQVSRUWDQWWRXV
FHVWUpVRUVHQ$VLHHWHPPHQDQWPrPHDYHFHX[GHVRXYULHUVpJ\SWLHQVILUHQWRUQHUOHV
IDPHX[ SDODLV GH 3HUVpSROLV GH 6XVH HW GH TXHOTXHV DXWUHV YLOOHV GH OD 0pGLH /HV
ULFKHVVHV GH O
eJ\SWH pWDLHQW VL JUDQGHV TX
LO pFKDSSD GX SLOODJH HW GHV IODPPHV SOXV GH
WURLV FHQWV WDOHQWV G
RU HW GHX[ PLOOH WURLV FHQWV WDOHQWV G
DUJHQW /j PrPH pWDLHQW FHV
WRPEHDX[ FpOqEUHV GHV DQFLHQV URLV TXL Q
RQW SDV ODLVVp j O
pPXODWLRQ GH OHXUV
VXFFHVVHXUV OH PR\HQ GH OHV VXUSDVVHU /HV SUrWUHV GLVHQW TXH OHXUV OLYUHV IRQW PHQWLRQ
GH TXDUDQWHVHSW GH FHV WRPEHDX[  PDLV GX WHPSV GH 3WROpPpH ILOV GH /DJXV LO Q
HQ
UHVWDLW TXH GL[VHSW GRQW SOXVLHXUV pWDLHQW PrPH GpMj UXLQpV TXDQG QRXV YLVLWkPHV FHV
OLHX[HQODFHQWTXDWUHYLQJWLqPHRO\PSLDGH
9'HVFULSWLRQSDUWLFXOLqUHGXWRPEHDXG
2VLPDQGXp
3/86,(856*UHFVTXLRQWYX7KqEHVVRXVOHPrPH3WROpPpHHWTXLRQWpFULWO
KLVWRLUHGH
O
eJ\SWH GX QRPEUH GHVTXHOV HVW +pFDWpH FRQILUPHQW HQ FH SRLQW OH WpPRLJQDJH GHV
SUrWUHVpJ\SWLHQV,OVUDSSRUWHQWTXHOHWRPEHDXGXURLVXUQRPPp2VLPDQGXppWDLWSODFp
j GL[ VWDGHV GH OD FO{WXUH GHV SUHPLHUV WRPEHDX[ TX
RQ GLW rWUH GHV FRQFXELQHV GH
-XSLWHU /
HQWUpH GX WRPEHDX GRQW QRXV SDUORQV HVW XQ YHVWLEXOH EkWL GH SLHUUHV GH
SOXVLHXUV FRXOHXUV  VD ORQJXHXU HVW GH GHX[ FHQWV SLHGV HW OD KDXWHXU GH TXDUDQWHFLQT
FRXGpHV $X VRUWLU GH Oj RQ WURXYH XQ SpULVW\OH FDUUp GRQW FKDTXH F{Wp j TXDWUH FHQWV
SLHGV GH ORQJ PDLV FH VRQW GHVDQLPDX[FKDFXQG
XQHVHXOHSLHUUHWDLOOpHjO
DQWLTXHHW
GH VHL]H FRXGpHV GH KDXWTXLWLHQQHQWOLHXGHFRORQQHV'HVSLHUUHVGHGL[KXLWFRXGpHV
RX YLQJWVHSW SLHGV HQ WRXW VHQV IRUPHQW OD ODUJHXU GX SODIRQG TXL GDQV WRXWH VD
ORQJXHXUHVWVHPpG
pWRLOHVVXUXQIRQGEOHX$XGHOjGHFHSpULVW\OHHVWXQHDXWUHHQWUpH
HW SXLV XQ YHVWLEXOH EkWL FRPPH OH SUpFpGHQW PDLV SOXV RUQp GH WRXWHV IRUWHV GH
VFXOSWXUH2Q\YRLWG
DERUGWURLVILJXUHVTXLQHVRQWHQVHPEOHTXHG
XQHVHXOHSLHUUHGH
OD PDLQ GH 0HPQRQ 6\FQLWH /D SULQFLSDOH TXL UHSUpVHQWH OH URL HVW DVVLVH HW HVW OD SOXV
JUDQGH GH O
eJ\SWH 8Q GH VHV SLHGV TXL D pWp PHVXUp SDVVH VHSW FRXGpHV /HV GHX[
DXWUHVUHSUpVHQWHQWVDPqUHHWVDILOOHDSSX\pHVVXUVHVJHQRX[O
XQHjVDGURLWHO
DXWUH
j VD JDXFKH PDLV HOOHV VRQW SOXV SHWLWHV TXH OH URL 7RXW O
RXYUDJH HVW PRLQV
UHFRPPDQGDEOHSDUVDJUDQGHXUpQRUPHTXHSDUODEHDXWpGXWUDYDLOHWSDUOHFKRL[GHOD
SLHUUH TXL GDQV XQH VXUIDFH VL pWHQGXH Q
D SDV OH PRLQGUH GpIDXW QL OD PRLQGUH WDFKH
2Q D JUDYp FHV PRWV VXU OD VWDWXH -H VXLV 2VLPDQGXp URL GHV URLV  VL TXHOTX
XQ YHXW
VDYRLU FRPELHQ MH VXLV JUDQG HW R MH UHSRVH LO IDXW TX
LO GpWUXLVH TXHOTX
XQ GH FHV
RXYUDJHV,,\DXQHDXWUHVWDWXHGHVDPqUHVHXOHGHYLQJWFRXGpHVGHKDXWG
XQHVHXOH
SLHUUH7URLVUHLQHVVRQWUHSUpVHQWpHVVXUVDWrWHFRPPHSRXUPDUTXHUTX
HOOHDpWpILOOH
IHPPH HW PqUH GH URL 'H FH YHVWLEXOH RQ SDVVH GDQV XQ DXWUH SpULVW\OH ELHQ SOXV EHDX
TXH OH SUHPLHU 2Q \ YRLW JUDYp VXU OD SLHUUH O
KLVWRLUH GH OD JXHUUH G
2VLPDQGXp FRQWUH
OHVUpYROWpVGHOD%DFWULDQH2QGLWTX
LODYDLWPHQpFRQWUHHX[TXDWUHFHQWPLOOHKRPPHV
G
LQIDQWHULH HW YLQJW PLOOH FKHYDX[  FHWWH DUPpH pWDLW SDUWDJpH HQ TXDWUH FRUSV
FRPPDQGpV FKDFXQ SDU XQ GH VHV ILOV 2Q YRLW GRQF VXU OD PXUDLOOH GX GHYDQW OH URL TXL
DWWDTXH OH UHPSDUW GRQW OH IOHXYH EDW OH SLHG HW TXL FRPEDWFRQWUHTXHOTXHVWURXSHVTXL
VH VRQW DYDQFpHV D\DQW j F{Wp GH OXL XQ OLRQ WHUULEOH TXL OH GpIHQG DYHF DUGHXU
4XHOTXHVXQV GLVHQW TXH OH VFXOSWHXU D VXLYL HQ FHOD OD YpULWp HW TXH OH URL DYDLW
DSSULYRLVpHWQRXUULGHVDPDLQXQOLRQTXLOHVRXWHQDLWGDQVOHVFRPEDWVHWTXLDYDLWPLV
VRXYHQW VHV HQQHPLV HQ IXLWH  PDLV G
DXWUHV SUpWHQGHQW TXH FH URL pWDQW
H[WUDRUGLQDLUHPHQW IRUW HW FRXUDJHX[ DYDLW YRXOX PDUTXHU FHV TXDOLWpV GRQW LO pWDLW IRUW
YDLQ SDU OH V\PEROH GX OLRQ 6XU OD PXUDLOOH j GURLWH VRQW UHSUpVHQWpV OHV FDSWLIV TXH OH
URL DYDLW DPHQpV GH FHWWH H[SpGLWLRQ ,OV RQW OHV SDUWLHV QDWXUHOOHV HW OHV PDLQV FRXSpHV
FRPPH SRXU OHXU UHSURFKHU GH Q
DYRLU pWp QL DVVH] FRXUDJHX[ QL DVVH] DJLVVDQWV GDQV
OHXU GpIHQVH 6XU OD PXUDLOOH j JDXFKH VRQW WRXWHV VRUWHV GH ILJXUHV WUqV SDUIDLWHV TXL
H[SULPHQW OH WULRPSKH HW OHV VDFULILFHV TXH OH URL DYDLW RUGRQQpV DX UHWRXU GH FHWWH
JXHUUH $X PLOLHX GX YHVWLEXOH HW j O
HQGURLW R LO HVW GpFRXYHUW RQ DYDLW GUHVVp XQ DXWHO
G
XQH WUqV EHOOH SLHUUH G
XQH JUDQGHXU pWRQQDQWH HW DGPLUDEOHPHQW ELHQ WUDYDLOOpH (QILQ
FRQWUH OD PXUDLOOH GX IRQG VRQW GHX[ VWDWXHV FKDFXQH G
XQH VHXOH SLHUUH GH YLQJWVHSW
FRXGpHVGHKDXWTXLUHSUpVHQWHQWGHVSHUVRQQHVDVVLVHV2QVRUWGHFHSpULVW\OHSDUWURLV
SRUWHVGRQWO
XQHHVWHQWUHOHVGHX[VWDWXHVHWOHVGHX[DXWUHVjOHXUVF{WpVHWO
RQHQWUH
GDQV XQ pGLILFH SRVp VXU GH KDXWHV FRORQQHV TXL D O
DLU G
XQ PDJQLILTXH WKpkWUH GH GHX[
FHQWV SLHGV GH SURIRQGHXU ,O \ DYDLW Oj XQH LQILQLWp GH ILJXUHV HQ ERLV TXL UHSUpVHQWDLHQW
XQ JUDQG DXGLWRLUH DWWHQWLI DX[ GpFLVLRQV G
XQ VpQDW RFFXSp j UHQGUH OD MXVWLFH 6XU XQ
GHV PXUV pWDLHQW OHV VpQDWHXUV DX QRPEUH GH WUHQWH $X PLOLHX G
HX[ pWDLW OH FKHI GH OD
MXVWLFH D\DQW XQ DPDV GH OLYUHV j VHV SLHGV HW SRUWDQW SHQGXH j VRQ FRX OD ILJXUH GH OD
YpULWp TXL DYDLW OHV \HX[ IHUPpV &HOD PDUTXDLW TX
XQ MXJH GRLW SRUWHU OD YpULWp GDQV OH
F°XU HW Q
DYRLU SRLQW G
\HX[ SRXU OHV SUpVHQWV 'H Oj RQ SDVVDLW GDQV XQH SODFH
HQYLURQQpH GH SDODLV GH WRXWH VRUWH GH GHVVLQV GDQV OHVTXHOV RQ YR\DLW UHSUpVHQWpV VXU
GHV WDEOHV WRXV OHV PHWV TXL SHXYHQW IODWWHU OH JR€W 'DQV O
XQ pWDLW OH URL HQ KDELWV
PDJQLILTXHV RIIUDQW DX[ GLHX[ O
RU HW O
DUJHQW TX
LO WLUDLW FKDTXH DQQpH GHV PLQHV GH
O
eJ\SWH  RQ YR\DLW pFULW DX EDV OD YDOHXU GH FH UHYHQX TXL UDSSRUWp j QRWUH PRQQDLH
G
DUJHQW PRQWDLW j WUHQWHGHX[ PLOOLRQV GH PLQHV 'DQV XQH DXWUH pWDLW OD ELEOLRWKqTXH
VDFUpH DYHF FHWWH LQVFULSWLRQ /HV UHPqGHV GH O
kPH 'DQV XQH WURLVLqPH pWDLHQW OHV
LPDJHV GH WRXV OHV GLHX[ GH O
eJ\SWH HW OH URL TXL RIIUDLW j FKDFXQ G
HX[ OHV SUpVHQWV TXL
OHXU FRQYHQDLHQW DWWHVWDQW 2VLULV HW WRXV OHV URLV VHV SUpGpFHVVHXUV TX
LO DYDLW H[HUFp OD
SLpWpHQYHUVOHVGLHX[HWODMXVWLFHHQYHUVOHVKRPPHV$F{WpGHODELEOLRWKqTXHXQGHV
SOXV EHDX[ SDODLV GH OD SODFH FRQWHQDLW YLQJW WDEOHV HQWRXUpHV GH OHXUV OLWV VXU OHVTXHOV
pWDLHQWOHVLPDJHVGH-XSLWHUGH-XQRQHWGXURLPrPH2QFURLWTXHVRQFRUSVUHSRVDLW
Oj 3OXVLHXUV EkWLPHQWV pWDLHQW MRLQWV j FHOXLOj GDQV OHVTXHOV RQ YR\DLW OHV
UHSUpVHQWDWLRQV GH WRXV OHV DQLPDX[ VDFUpV 'H Oj RQ PRQWDLW GDQV OH OLHX TXL pWDLW
YpULWDEOHPHQWFRQVWUXLWHQWRPEHDX2QDYDLWpOHYpVXUODWRPEHXQHFRXURQQHG
RUG
XQH
FRXGpH G
pSDLVVHXU HW GH WURLV FHQW VRL[DQWHFLQT FRXGpHV GH WRXU &KDTXH FRXGpH
UpSRQGDLW j XQ MRXU GH O
DQQpH HW O
RQ \ DYDLW PDUTXp OH OHYHU HW OH FRXFKHU GHV DVWUHV
SRXU FH MRXUOj DYHF OHV LQGLFDWLRQV DVWURORJLTXHV TXH OD VXSHUVWLWLRQ GHV eJ\SWLHQV \
DYDLW DWWDFKpHV 2Q GLW TXH &DPE\VH HQOHYD FHWWH FRXURQQH TXDQG LO SLOOD O
eJ\SWH 7HO
pWDLW VHORQ FHV DXWHXUV OH WRPEHDX GX URL 2VLPDQGXp TXL VXUSDVVDLW WRXV OHV DXWUHV HW
SDU O
pWHQGXH LPPHQVH TX
LO OXL DYDLW GRQQpH HW SDU OH WUDYDLO GHV RXYULHUV KDELOHV TX
LO \
DYDLWHPSOR\pV
9,$QFLHQQHWpGH7KqEHVG
eJ\SWH
/(6 7KpEDLQV VH FURLHQW OHV SOXV DQFLHQV SHXSOHV GX PRQGH HW LOV GLVHQW TXH OD
SKLORVRSKLH DXVVL ELHQ TXH O
DVWURQRPLH D SULV QDLVVDQFH FKH] HX[ ,O HVW YUDL GX PRLQV
TXH OHXU VLWXDWLRQ HVW IDYRUDEOH SRXU REVHUYHU OHV DVWUHV  DXVVL IRQWLOV XQH GLVWULEXWLRQ
GHV PRLV HW GHV DQQpHV SOXV QDWXUHOOH TXH OHV DXWUHV SHXSOHV FDU UDSSRUWDQW OHV MRXUV
QRQ j OD OXQH PDLV DX VROHLO LOV HQ GRQQHQW WUHQWH j FKDTXH PRLV DMRXWDQW HQFRUH FLQT
MRXUVHWXQTXDUWDX[GRX]HPRLVGHO
DQQpHSRXUDFKHYHUOHFRXUVGXVROHLO$LQVLLOVQH
VRQW SRLQW REOLJpV G
LQWHUFDOHU GHV PRLV HW GH VXSSULPHU GHV MRXUV FRPPH OD SOXSDUW GHV
*UHFV ,O SDUDvW TX
LOV DYDLHQW FDOFXOp IRUW H[DFWHPHQW OHV pFOLSVHV GX VROHLO HW GH OD OXQH
GRQW LOV GRQQDLHQW SDU DYDQFH XQ GpWDLO WUqV MXVWH HW WUqV FRQIRUPH j O
REVHUYDWLRQ
DFWXHOOH
9,,)RQGDWLRQGH0HPSKLVVXLWHGHVSULQFLSDX[URLV8FKRUHXV
/(KXLWLqPHGHVGHVFHQGDQWVG
2VLPDQGXpQRPPp8FKRUHXVFRPPHVRQSqUHDEkWLOD
YLOOH GH 0HPSKLV OD SOXV IDPHXVH GH O
eJ\SWH ,O FKRLVLW SRXU FHOD OH OLHX OH SOXV
DYDQWDJHX[HWOHSOXVDJUpDEOHGXSD\VTXLHVWFHOXLROH1LOVHSDUWDJHDQWHQSOXVLHXUV
FDQDX[ IRUPH HW HPEUDVVH OH 'HOWD $LQVL 0HPSKLV HVW OD EDUULqUH GH O
eJ\SWH HW
FRPPDQGHDEVROXPHQWO
HQWUpHGXIOHXYH6RQIRQGDWHXUOXLGRQQDFHQWFLQTXDQWHVWDGHV
GHWRXUHWODUHQGLWpJDOHPHQWIRUWHHWFRPPRGH&DUSRXUODGpIHQGUHGHVLQRQGDWLRQVLO
ILW pOHYHU GHV WHUUHV TXL OD ERUGDLHQW HQWLqUHPHQW GX F{Wp GX PLGL HW TXL VHUYDLHQW GH
GLJXHV FRQWUH OH IOHXYH HW GH UHPSDUW FRQWUH OHV HQQHPLV 0DLV GH SOXV LO ILW FUHXVHU GHV
IRVVpV RX SOXW{W GHV ODFV SRXU UHFHYRLU OH IOHXYH DXWRXU GH WRXWH OD YLOOH TXL V
pOHYDLW DX
PLOLHXGHVHDX[FRPPHXQHFLWDGHOOHLQDFFHVVLEOH$O
pJDUGGHODFRPPRGLWpLOHQUHQGLW
OH VpMRXU VL VDLQ HW VL GpOLFLHX[ TXH WRXV OHV URLV VHV VXFFHVVHXUV D\DQW DEDQGRQQp
7KqEHVWLQUHQWWRXMRXUVOHXUFRXUj0HPSKLV'HOjYLHQWTXH7KqEHVDWRXMRXUVGLPLQXp
HW TXH 0HPSKLV V
HVW WRXMRXUV DFFUXH MXVTX
DX WHPSV G
$OH[DQGUH 0DLV FHOXLFL D\DQW
EkWL $OH[DQGULH VXU OH ERUG GH OD PHU WRXV VHV VXFFHVVHXUV HQ eJ\SWH RQW FRQWULEXp j
O
HPEHOOLVVHPHQW GH FHWWHGHUQLqUHYLOOHOHVXQVSDUOHVSDODLVTX
LOV\RQWIDLWFRQVWUXLUH
OHV DXWUHV SDU OHV SRUWV TX
LOV \ RQW IDLW FUHXVHU G
DXWUHV HQILQ SDU OHV RIIUDQGHV
PDJQLILTXHV HW WRXWHV UR\DOHV GRQW LOV O
RQW HQULFKLH GH VRUWH TX
HOOH SDVVH FKH]
TXHOTXHVXQV SRXU OD SUHPLqUH RX GX PRLQV SRXU OD VHFRQGH YLOOH GX PRQGH 1RXV HQ
SDUOHURQV HQ VRQ OLHX 2XWUH OHV GHKRUV GH 0HPSKLV TXH QRXV YHQRQV GH GpFULUH
8FKRUHXV \ EkWLW GHV SDODLV DXVVL EHDX[ TX
DXFXQ GH FHX[ TXH O
RQ YRLW FKH] G
DXWUHV
QDWLRQVPDLVQLOHVXQVQLOHVDXWUHVQHSDUDLVVHQWGLJQHVGHODPDJQLILFHQFHHWGXJR€W
GHVHVSUpGpFHVVHXUVHQG
DXWUHVRXYUDJHV(QHIIHWWRXVFHVSHXSOHVUHJDUGDQWODGXUpH
GH OD YLH FRPPH XQ WHPSV FRXUW HW GH SHX G
LPSRUWDQFH IRQW DX FRQWUDLUH EHDXFRXS
G
DWWHQWLRQ j OD ORQJXH PpPRLUH TXH OD YHUWX ODLVVH DSUqV HOOH &
HVW SRXU TXRL LOV
DSSHOOHQW OHV PDLVRQV GHV YLYDQWV GHV K{WHOOHULHV SDU OHVTXHOOHV RQ QH IDLW TXH SDVVHU
PDLV LOV GRQQHQW OH QRP GH GHPHXUHV pWHUQHOOHV DX[ WRPEHDX[ GHV PRUWV G
R O
RQ QH
VRUW SOXV $LQVL OHV URLV RQW pWp FRPPH LQGLIIpUHQWV VXU OD FRQVWUXFWLRQ GH OHXUV SDODLV HW
LOV VH VRQW pSXLVpV GDQV OD FRQVWUXFWLRQ GH OHXUV WRPEHDX[ 4XHOTXHVXQV GLVHQW TXH
0HPSKLV IXW DLQVL QRPPpH GH OD ILOOH GX URL TXL OD EkWLW HW LOV FRQWHQW PrPH TX
HOOH IXW
DLPpHGX1LOTXLVHWUDQVIRUPDHQWDXUHDXHWTXLHXWG
HOOHXQILOVQRPPpeJ\SWXVG
XQH
IRUFHHWG
XQHYHUWXPHUYHLOOHXVHV7RXWHODFRQWUpHSULWVRQQRPGHOXLHQPpPRLUHHWHQ
UHFRQQDLVVDQFH GH FH TXH GDQV WRXW OH WHPSV GH VRQ UqJQH LO DYDLW pWp MXVWH YLJLODQW HW
SqUHGXSHXSOH
9,,,0RHULVRX0LULV'HVFULSWLRQGXODFTXLSRUWHVRQQRP
'28=( JpQpUDWLRQVDSUqVOXL0RHULVVXFFpGDjO
HPSLUHGHO
eJ\SWH,OILWIDLUHGHYDVWHV
SRUWLTXHVGDQVOHTXDUWLHUVHSWHQWULRQDOGH0HPSKLVHWjVL[FHQWVVWDGHVGHODYLOOHLOILW
FUHXVHU XQ ODF GRQW O
RXYUDJH HVW LQFUR\DEOH &DU RQ GLW TXH VRQ FLUFXLW HVW GH WURLV PLOOH
VL[FHQWVVWDGHVHWVDSURIRQGHXUHQSOXVLHXUVHQGURLWVGHFLQTXDQWHWRLVHVGHVRUWHTXH
FRQVLGpUDQW FH WUDYDLO RQ GHPDQGH FRPELHQ GH PLOOLHUV G
KRPPHV HW TXHO QRPEUH
G
DQQpHV RQW G€ \ rWUH HPSOR\pV 0DLV RQ QH VDXUDLW DVVH] ORXHU FHWWH HQWUHSULVH SDU
UDSSRUW j O
XWLOLWp TXH WRXWH O
eJ\SWH HQ D WLUpH FDU OHV GpERUGHPHQWV GX IOHXYH Q
pWDQW
DYDQWDJHX[ TX
DXWDQW TX
LOV JDUGHQW XQH FHUWDLQH PHVXUH FH ODF GRQQH XQ pFRXOHPHQW
DX[ HDX[ GX 1LO ORUVTXH OHXU DERQGDQFH OHV IHUDLW VpMRXUQHU GDQV OHV FDPSDJQHV HW G
XQ
DXWUH F{Wp FHW LPPHQVH UpVHUYRLU HVW XQH UHVVRXUFH FRQWUH O
LQGLJHQFH G
HDX TXL VHUDLW j
FUDLQGUH GDQV OHV SHWLWHV FUXHV /H ODF FRPPXQLTXDLW DX IOHXYH SDU XQ FDQDO GH TXDWUH
YLQJWV VWDGHV GH ORQJXHXU HW GH WURLV FHQWV SLHGV GH ODUJHXU 2Q UHFHYDLW OH 1LO SDU FH
FDQDO RX O
RQ HQ UHWHQDLW OHV HDX[ VHORQ OH EHVRLQ GHV ODERXUHXUV SDU OH PR\HQ G
XQH
pFOXVHTX
RQIDLVDLWRXYULURXIHUPHUSDUGHVRXYULHUVWUqVHQWHQGXVHWjWUqVJUDQGVIUDLV
SXLVTX
LO HQ FR€WDLW FLQTXDQWH WDOHQWV SRXU FKDFXQH GH FHV GHX[ RSpUDWLRQV &H ODF
VXEVLVWH HQFRUH DXMRXUG
KXL GDQV O
eJ\SWH VDQV DYRLU SHUGX DXFXQ GH VHV XVDJHV HW LO
V
DSSHOOH WRXMRXUV OH ODF GH 0RHULV (Q OH FUHXVDQW FH URL ILW ODLVVHU GDQV OH PLOLHX XQ
WHUUDLQ HQ IRUPH GH SLpGHVWDO VXU OHTXHO LO pOHYD XQ WRPEHDX HW GHX[ S\UDPLGHV O
XQH
SRXU OXL HW O
DXWUH SRXU VD IHPPH WRXWHV GHX[ G
XQ VWDGH GH KDXWHXU ,O ILW PHWWUH VXU
FKDFXQH XQH ILJXUH GH SLHUUH DVVLVH VXU XQ WU{QH HVSpUDQW ODLVVHU GHOXLSDUFHWRXYUDJH
XQHPpPRLUHKHXUHXVHHWLPPRUWHOOH,OGRQQDjVDIHPPHWRXWOHUHYHQXGHODSrFKHGH
FH ODF SRXU OH VHXO HQWUHWLHQGHVHVDMXVWHPHQWVHWGHVHVSDUIXPV&HUHYHQXPRQWDLWj
XQ WDOHQW SDU MRXU &DU LO \ DYDLW MXVTX
j YLQJWGHX[ HVSqFHV GH SRLVVRQV TXL V
pWDLHQW
PXOWLSOLpHVGHWHOOHVRUWHTX
XQQRPEUHLQILQLG
RXYULHUVRFFXSpVWRXVOHVMRXUVjOHVVDOHU
VXIILVDLHQWjSHLQHjFHWWHIRQFWLRQ9RLOjFHTXHOHVeJ\SWLHQVUDFRQWHQWGXURL0RHULV
,;6pVRVWULV6RQpGXFDWLRQVHVFRQTXrWHV
È6(37JpQpUDWLRQVGHOXLRQSODFH6pVRVWULVFHOXLGHWRXVOHVURLVG
eJ\SWHTXLDIDLWOHV
SOXV JUDQGHV   OHV SOXV FpOqEUHV DFWLRQV 0DLV FRPPH QRQ  VHXOHPHQW OHV KLVWRULHQV
JUHFV PDLV HQFRUH OHV SUrWUHV HW OHV SRqWHV pJ\SWLHQV GLIIqUHQW HQWUH HX[ VXU VRQ VXMHW
QRXV WkFKHURQV GH UDSSRUWHU FH TXH QRXV WURXYHURQV GH SOXV YUDLVHPEODEOH HW GH SOXV
FRQIRUPH DX[ PRQXPHQWV TXL UHVWHQW HQFRUH GDQV O
eJ\SWH È OD QDLVVDQFH GH 6pVRVWULV
VRQSqUHFRQoXWXQHLGpHGLJQHG
XQURL,OVHILWDPHQHUWRXVOHVHQIDQWVGHO
eJ\SWHQpV
OHPrPHMRXUTXHOXL5DVVHPEODQWHQPrPHWHPSVGHVQRXUULFHVHWQRPPDQWPrPHGHV
JRXYHUQHXUVLOUpJODSRXUWRXVXQHpGXFDWLRQFRPPXQH,OVHSHUVXDGDLWTXHGHVHQIDQWV
TXL DXUDLHQW YpFX IDPLOLqUHPHQW DYHF VRQ ILOV GqV O
kJH OH SOXV WHQGUH OXL VHUDLHQW SOXV
DWWDFKpV GDQV OD VXLWH GH VD YLH HW OH VHUYLUDLHQW PLHX[ GDQV OHV FRPEDWV ,O Q
pSDUJQD
ULHQ SRXU FHWWH pGXFDWLRQ HW ILW SDVVHU FHV HQIDQWV SDU WRXWHV VRUWHV G
H[HUFLFHV HW GH
WUDYDX[ 2Q QH OHXU GRQQDLW SRLQW j PDQJHU TX
LOV Q
HXVVHQW FRXUX FHQW  TXDWUHYLQJWV
VWDGHV&
HVWSDUFHVpSUHXYHVTX
LOVGHYLQUHQWWRXVGHVVROGDWVLQYLQFLEOHVHWSDUODIRUFH
GX FRUSV HW SDUODSDWLHQFHGHO
kPH$LQVL6pVRVWULVD\DQWpWpHQYR\pSDUVRQSqUHDYHF
VHV FRPSDJQRQV G
pFROH HQ $UDELH SRXU VD SUHPLqUH H[SpGLWLRQ LO FRPEDWWLW FRQWUH GHV
ErWHV IDURXFKHV HW VXSSRUWDQW OD IDLP HW OD VRLI GDQV OH GpVHUW LO DVVHUYLW WRXV OHV
SHXSOHVGHO
$UDELHTXLQ
DYDLHQWMDPDLVUHoXOHMRXJ5HYHQDQWHQVXLWHYHUVOHFRXFKDQWLO
VH UHQGLW PDvWUH GH OD SOXV JUDQGH SDUWLH GH OD /LE\H Q
pWDQW HQFRUH TX
j OD IOHXU GH VRQ
kJH (QILQ D\DQW VXFFpGp j OD FRXURQQH GH VRQ SqUH HW pWDQW DQLPp SDU OHV H[SORLWV GH
VD MHXQHVVH LO SULW OH GHVVHLQ GH FRQTXpULU WRXWH OD WHUUH 4XHOTXHVXQV GLVHQW TXH VD
ILOOHQRPPpH$WKLUWHO
H[FLWDjVHUHQGUHPDvWUHGXPRQGHHWTX
pWDQWIRUWDXGHVVXVGH
VRQVH[HSDUVRQLQWHOOLJHQFHHOOHOXLIRXUQLWGHVH[SpGLHQWVSRXUIDFLOLWHUVRQHQWUHSULVH
'
DXWUHV GLVHQW TXH FHWWH SULQFHVVH pWDQW IRUW KDELOH GDQV OD FRQQDLVVDQFH GH O
DYHQLU
DVVXUD VRQ SqUH GX VXFFqV SDU GHV SUpVDJHV WLUpV GHV VDFULILFHV TX
HOOH DYDLW IDLWV GHV
VRQJHV TX
HOOH DYDLW HXV GDQV OHV WHPSOHV HW GHV VLJQHV TXL DYDLHQW SDUX GDQV OH FLHO
4XHOTXHVXQV RQW pFULW j FH SURSRV TX
DX WHPSV GH OD QDLVVDQFH GH 6pVRVWULV VRQ SqUH
YLW HQ VRQJH 9XOFDLQ TXL OXL SUpGLW TXH VRQ ILOV DXUDLW O
HPSLUH GH O
XQLYHUV &
HVW GDQV
FHWWHYXHHWGDQVFHWWHHVSpUDQFHTXHVRQSqUHDYDLWSULVWDQWGHVRLQGHIRUPHUDYHFOXL
FHX[TXLGHYDLHQWO
DLGHUjUHPSOLUXQHVLJUDQGHGHVWLQpHHWFHQHIXWVHORQOHVPrPHV
DXWHXUV TXH VXU OD SURPHVVH GHV GLHX[ TXH OXLPrPH RVD HQWUHSUHQGUH XQH WHOOH
FRQTXrWH $YDQW WRXWHV FKRVHV LO WUDYDLOOD j V
DFTXpULU OD ELHQYHLOODQFH GH WRXV VHV VXMHWV
SRXUHQJDJHUFHX[TXLGHYDLHQWOHVXLYUHjVXELUFRXUDJHXVHPHQWWRXVOHVSpULOVGHFHWWH
JXHUUH HW FHX[ TXL GHPHXUHUDLHQW HQ eJ\SWH j QH ULHQ LQQRYHU HQ VRQ DEVHQFH $LQVL LO
WUDLWDLW IDYRUDEOHPHQW WRXW OH PRQGH GRQQDQW DX[ XQV GHV VRPPHV G
DUJHQW HW DX[
DXWUHV GHV WHUUHV SDUGRQQDQW j TXHOTXHV FRXSDEOHV WpPRLJQDQW HQILQ j WRXV EHDXFRXS
GH GRXFHXU HW G
DIIDELOLWp ,O UHQYR\D DEVRXV WRXV OHV FULPLQHOV GH OqVHPDMHVWp HW SD\D
OHVGHWWHVG
XQJUDQGQRPEUHGHJHQVTXLpWDLHQWGpWHQXVGDQVOHVSULVRQVjODSRXUVXLWH
GH OHXUV FUpDQFLHUV ,O GLYLVD WRXWH O
eJ\SWH HQ WUHQWHVL[ SURYLQFHV GRQW OHV JRXYHUQHXUV
V
DSSHODLHQW QRPDUFKHV ,OV OHYDLHQW OHV GHQLHUV GX SULQFH HW UpJODLHQW WRXWHV OHV DXWUHV
DIIDLUHV GDQV OHXU UHVVRUW ,O UDVVHPEOD GRQF WRXW FH TX
LO \ DYDLW G
KRPPHV YLJRXUHX[
GDQVO
pWDWHWHQIRUPDXQHDUPpHSURSRUWLRQQpHjODJUDQGHXUGHVRQHQWUHSULVHFDUHOOH
pWDLW FRPSRVpH GH VL[ FHQW PLOOH KRPPHV GH SLHG GH YLQJWTXDWUH PLOOH FKHYDX[ HW GH
YLQJWVHSWPLOOHFKDULRWVGHJXHUUH,OGRQQDSRXURIILFLHUVjFHWWHDUPpHVHVFRPSDJQRQV
G
pFROH RX VHV IUqUHV G
DUPHV DX QRPEUH GH PLOOH VHSW FHQWV TXL VH VRXWHQDLHQW OHV XQV
OHV DXWUHV SDU XQH pPXODWLRQ PXWXHOOH HW QpH GDQV OHV H[HUFLFHV GH OHXU HQIDQFH ,OV
DYDLHQWWRXVSRXUOHURLHWOHVXQVSRXUOHVDXWUHVXQHDPLWLpYUDLPHQWIUDWHUQHOOHHWLOV
V
pWDLHQW GpMj IRUPpV GDQV OHV JXHUUHV SUpFpGHQWHV ,O FRPPHQoD SDU GLVWULEXHU j WRXV
VHV VROGDWV OH WHUURLU OH SOXV IHUWLOH GH O
eJ\SWH DILQ TXH ODLVVDQW j OHXU IDPLOOH XQ ELHQ
VXIILVDQWLOVVHGLVSRVDVVHQWDXGpSDUWDYHFSOXVGHFRXUDJHHWGHOLEHUWpG
HVSULW6
pWDQW
PLVHQPDUFKHLOWRPEDG
DERUGVXUOHVeWKLRSLHQVTXLVRQWGXF{WpGXPLGLHWOHVD\DQW
GpIDLWV LO H[LJHD G
HX[ SRXU WULEXW GH O
RU GH O
pEqQH HW GH O
LYRLUH ,O ILW pTXLSHU HQVXLWH
VXU OD PHU 5RXJH XQH IORWWH GH TXDWUH FHQWV YRLOHV HW IXW OH SUHPLHU SULQFH GH FHV
FRQWUpHVTXLILWYRLUGHVYDLVVHDX[GHJXHUUH,OVHUHQGLWPDvWUHSDUOHXUPR\HQGHWRXWHV
OHV SURYLQFHV PDULWLPHV  GH WRXWHV OHV vOHV GH OD PHU 5RXJH MXVTX
DX[ ,QGHV SHQGDQW
TXH OXLPrPH FRQGXLVDQW O
DUPpH GH WHUUH VXEMXJXD WRXWH O
$VLH FDU QRQ VHXOHPHQW LO
SDUFRXUXW WRXV OHV OLHX[ R $OH[DQGUH D SRUWp GHSXLV VHV FRQTXrWHV PDLV LO SpQpWUD
PrPH MXVTX
HQ GHV SD\V R OH URL GH 0DFpGRLQH Q
HVW MDPDLV HQWUp (Q HIIHW 6pVRVWULV
SDVVD OH *DQJH HW WUDYHUVDQW WRXWHV OHV ,QGHV LO SDUYLQW MXVTX
j O
RFpDQ RULHQWDO G
R
UHYHQDQWSDUOH6HSWHQWULRQLOFRQTXLWWRXWHOD6F\WKLHMXVTX
DXIOHXYH7DQDwVTXLVpSDUH
O
$VLHG
DYHFO
(XURSH2QGLWTXHTXHOTXHVeJ\SWLHQVD\DQWpWpODLVVpVDORUVDX[HQYLURQV
GX 3DOX0pRWLGH GRQQqUHQW O
RULJLQH DX[ SHXSOHV GH OD &ROFKLGH HW SRXU SUHXYH TX
LOV
GHVFHQGHQW GHV eJ\SWLHQV RQ DOOqJXH OD FRXWXPH TX
LOV RQW GH FLUFRQFLUH OHV PkOHV
FRPPH HQ eJ\SWH FRXWXPH TXL HVW SDVVpH HQ ORL FKH] WRXWHV OHV FRORQLHV pJ\SWLHQQHV
DXVVL ELHQ TXH FKH] OHV -XLIV ,O VRXPLW DLQVL WRXWH O
$VLH HW OD SOXSDUW GHV vOHV &\FODGHV
(WDQW YHQX GH Oj HQ (XURSH HW SDUFRXUDQW WRXWH OD 7KUDFH LO FRXUXW ULVTXH GHSHUGUHVRQ
DUPpH IDXWH GH YLYUHV HW SDU OD IDWLJXH GHV ORQJXHV PDUFKHV &
HVW SRXUTXRL LO PLW ILQ j
VHV H[SORLWV GDQV OD 7KUDFH 0DLV LO DYDLW IDLW GUHVVHU GHVFRORQQHVGDQVSUHVTXHWRXVOHV
OLHX[ R LO DYDLW SDVVp DYHF FHWWH LQVFULSWLRQ HQ FDUDFWqUHV pJ\SWLHQV HW VDFUpV 
6pVRVWULV 5RL GHV 5RLV HW 6HLJQHXU GHV 6HLJQHXUV D FRQTXLV FHWWH SURYLQFH SDU VHV
DUPHV  0DLV FKH] OHV SHXSOHV EHOOLTXHX[ FHV FRORQQHV pWDLHQW FKDUJpHV G
XQH ILJXUH
G
KRPPH HW FKH] OHV SHXSOHV OkFKHV HW WLPLGHV G
XQH ILJXUH GH IHPPH ,O ODLVVD HQ
TXHOTXHVHQGURLWVVDVWDWXHHQSLHUUHD\DQWGHVWUDLWVHWXQHODQFHjODPDLQHWGHTXDWUH
SDOPHV SOXV KDXWHV TXH OHV TXDWUH FRXGpHV GH VD WDLOOH QDWXUHOOH $X UHVWH WUDLWDQW
pTXLWDEOHPHQW OHV SHXSOHV TX
LO DYDLW VRXPLV LO OHXU LPSRVD GHV WULEXWV SURSRUWLRQQpV j
OHXUV IRUFHV HW OHV REOLJHD GH OHV DSSRUWHU HX[PrPHV GDQV O
eJ\SWH R LO UHYLQW DX ERXW
GHQHXIDQVDYHFXQHUpSXWDWLRQVXSpULHXUHjFHOOHGHWRXVOHVURLVVHVSUpGpFHVVHXUV,O
ILWVRQHQWUpHVXLYLG
XQHIRXOHLQQRPEUDEOHGHFDSWLIVHWFKDUJpG
LPPHQVHVGpSRXLOOHV,O
HQ RUQD WRXV OHV WHPSOHV GH O
eJ\SWH HW HQ UpFRPSHQVD FHX[ GH VHV VROGDWV TXL V
pWDLHQW
GLVWLQJXpVSDUOHXUVDFWLRQV(QXQPRWVHVH[SORLWVQHOXLSURFXUqUHQWSDVVHXOHPHQWXQ
UHWRXU JORULHX[ GDQV VRQ UR\DXPH PDLV LOV OXL GRQQqUHQW PR\HQ G
DSSRUWHU GDQV VD
SDWULHXQHLQILQLWpGHULFKHVVHVHWG
LQYHQWLRQVWUqVXWLOHV
;5HWRXUGH6pVRVWULV6HVpGLILFHVHWVHVUpJOHPHQWVHQeJ\SWH
6e62675,6 D\DQW UHQRQFp j WRXW SURMHW GH JXHUUH OLFHQFLD VHV WURXSHV  HW DVVXUD j WRXV
VHV VROGDWV OD MRXLVVDQFH GHV ELHQV TX
LOV DYDLHQW DFTXLV SDU WDQW GH WUDYDX[ 1H SHUGDQW
SRLQW WRXWHIRLV O
DPRXU GH OD JORLUH HW YRXODQW DX FRQWUDLUH DIIHUPLU OD VLHQQH SDU WRXWHV
VRUWHVG
HQGURLWVLOHQWUHSULWGHVRXYUDJHVPDJQLILTXHVSDUOHGHVVHLQHWSDUODGpSHQVH
PDLV LOV pWDLHQW WHOV TX
HQ LPPRUWDOLVDQW VRQ QRP LOV GHYDLHQW FRQWULEXHU DXVVL SRXU
WRXMRXUVjODV€UHWpHWjODFRPPRGLWpGHO
eJ\SWH&RPPHQoDQWSDUODUHOLJLRQLOILWEkWLU
HQ FKDTXH YLOOH XQ WHPSOH HQ O
KRQQHXU GX GLHX TX
RQ \ UpYpUDLW SDUWLFXOLqUHPHQW ,O
Q
HPSOR\DjFHVRXYUDJHVDXFXQGHVHVVXMHWVHWLOQ
\ILWWUDYDLOOHUTXHOHVFDSWLIV,OHXW
VRLQ PrPH GH IDLUH JUDYHU FHV PRWV VXU WRXV OHV WHPSOHV  $XFXQ eJ\SWLHQ Q
D PLV OD
PDLQ j FHW pGLILFH 2Q GLWHQFRUHTXHOHVFDSWLIVGH%DE\ORQHQHSRXYDQWVXSSRUWHUFHV
WUDYDX[ WURXYqUHQW PR\HQ GH V
pFKDSSHU HW TXH V
pWDQW UHQGXV PDvWUHV G
XQ WHUUDLQ
DYDQWDJHX[ VXU OHV ERUGV GX IOHXYH LOV ILUHQW OD JXHUUH DX[ eJ\SWLHQV HW UDYDJqUHQW OD
FDPSDJQH GHV HQYLURQV PDLV HQILQ SDU XQ WUDLWp IDLW DYHF HX[ LOV KDELWqUHQW
WUDQTXLOOHPHQWOHOLHXRLOVV
pWDLHQWUHWLUpVHWOHQRPPqUHQW%DE\ORQHHQPpPRLUHGHOD
FDSLWDOHGHOHXUSDWULH&
HVWDLQVLTXHOHXUVYRLVLQVRQWGRQQpOHQRPGH7URLHjXQHYLOOH
TX
RQ YRLW HQFRUH OH ORQJ GX 1LO FDU RQ UDFRQWH TXH 0pQpODV UHYHQDQW GH O
H[SpGLWLRQ GH
7URLH DYHF XQ JUDQG QRPEUH GH FDSWLIV DERUGD HQ eJ\SWH  HW TXH FHV FDSWLIV V
pWDQW
VRXOHYpV VH VDLVLUHQW GH PrPH G
XQ OLHX V€U G
R LOV VH GpIHQGLUHQW FRQWUH OXL MXVTX
j FH
TX
LOV HXVVHQW REWHQX OD OLEHUWp HW R LOV EkWLUHQW HQVXLWH FHWWH VHFRQGH 7URLH -H Q
LJQRUH
SDVTXH&WpVLDVGH&QLGHUDSSRUWHGDQVVRQKLVWRLUHXQHDXWUHRULJLQHGHFHVGHX[YLOOHV
FDU LO GLW TX
HOOHV RQW pWp EkWLHV SDU GHV RULJLQDLUHV GH %DE\ORQH HW GH 7URLH TXL VH
WURXYqUHQW j OD VXLWH GH 6pPLUDPLV ORUVTX
HOOH SDVVD HQ eJ\SWH -H Q
HQWUHSUHQGV SDV GH
GpPrOHU OD YpULWp VXU FHW DUWLFOH  PDLV UDSSRUWDQW OHV RSLQLRQV GLIIpUHQWHV TXH MH WURXYH
GDQVOHVKLVWRULHQVM
HQODLVVHOHFKRL[DXGLVFHUQHPHQWGHVOHFWHXUV6pVRVWULVILWpOHYHU
HQ SOXVLHXUV HQGURLWV GH O
eJ\SWH GHV WHUUDVVHV G
XQH KDXWHXU HW G
XQH pWHQGXH WUqV
FRQVLGpUDEOHV HW RUGRQQD DX[ KDELWDQWV GH WRXWHV OHV YLOOHV DX[TXHOOHV OD QDWXUH Q
DYDLW
SDVIRXUQLGHVHPEODEOHVUHPSDUWVG
\DOOHUEkWLUGHVPDLVRQVHWGHV
\pWDEOLUDILQGHVH
PHWWUH HX[ HW OHXUV WURXSHDX[ DXGHVVXV GHV GpERUGHPHQWV GX 1LO ,O ILW IDLUH GHV
FDQDX[ GH FRPPXQLFDWLRQ GHSXLV 0HPSKLV MXVTX
j OD PHU G
$UDELH SRXU IDFLOLWHU OH
FRPPHUFH GH WRXV OHV SHXSOHV GH OD WHUUH DYHF O
eJ\SWH HW SRXU DEUpJHU OH WUDQVSRUW GHV
IUXLWV HW GH WRXWHV OHV PDUFKDQGLVHV 0DLV OH SULQFLSDO HVW TX
LO PLW WRXW OH UR\DXPH j
FRXYHUW GHV LQFXUVLRQV GHV HQQHPLV &DU DX OLHX TX
DYDQW OXL O
eJ\SWH pWDLW RXYHUWH GH
WRXV OHV F{WpV HW TXH O
RQ SRXYDLW OD SDUFRXULU SUHVTXH WRXW HQWLqUH j FKHYDO HW PrPH HQ
FKDULRW LO OD UHQGLW SDU FHV FDQDX[ WUqV GLIILFLOH j WUDYHUVHU 'H SOXV LO ILW IHUPHU WRXW OH
F{Wp GH O
eJ\SWH TXL UHJDUGH O
2ULHQW SDU XQ PXU GH TXLQ]H FHQWV VWDGHV GH ORQJXHXU TXL
FRXSDLWOHGpVHUWGHSXLV3pOXVHMXVTX
j+pOLRSROLVSRXUDUUrWHUOHVFRXUVHVGHV6\ULHQVHW
GHV $UDEHV  ,O ILW FRQVWUXLUH XQ YDLVVHDX GH ERLV GH FqGUH ORQJ GH GHX[ FHQW TXDWUH
YLQJWVFRXGpHVUHYrWXG
DUJHQWHQGHGDQVHWG
RUHQGHKRUVLORIIULWDXGLHXTX
RQDGRUH
j7KqEHV,OpOHYDGHX[REpOLVTXHVG
XQHSLHUUHWUqVGXUHGHFHQWYLQJWFRXGpHVGHKDXW
VXU OHVTXHOV LO ILW JUDYHU OH GpQRPEUHPHQW GH VHV WURXSHV O
pWDW GH VHV ILQDQFHV HW OH
QRPEUHGHVQDWLRQVTX
LODYDLWVRXPLVHV,OSODoDj0HPSKLVGDQVOHWHPSOHGH9XOFDLQVD
VWDWXHHWFHOOHGHVDIHPPHO
XQHHWO
DXWUHG
XQHVHXOHSLHUUHGHWUHQWHFRXGpHVGHKDXW
,O \ MRLJQLW DXVVL FHOOHV GH VHV ILOV PDLV HOOHV Q
DYDLHQW TXH YLQJW FRXGpHV 9RLFL FH TXL
GRQQD OLHX j FHWWH FRQVpFUDWLRQ 6pVRVWULV j VRQ UHWRXU HQ eJ\SWH V
pWDQW DUUrWp j 3pOXVH
RVRQDUPpHVpMRXUQDLWSHQVDSpULUDYHFVDIHPPHHWVHVHQIDQWVSDUODSHUILGLHGHVRQ
IUqUH &H IXW DSUqV XQ IHVWLQ VROHQQHO R FH WUDvWUH OHV DYDLW LQYLWpV FDU O
H[FqV GX YLQ
D\DQW DVVRXSL WRXW OH PRQGH LO ILW PHWWUH SHQGDQW OD QXLW OH IHX GDQV OD WHQWH R LOV
pWDLHQW DYHF GH OD SDLOOH VpFKpH HW SUpSDUpH GHSXLV ORQJWHPSV j FH GHVVHLQ /D IODPPH
JDJQDWRXWjFRXSHWFHX[TXLJDUGDLHQWODWHQWHGXURLVHWURXYDQWDSSHVDQWLVSDUOHYLQ
HW SDU OH VRPPHLO QH SXUHQW GRQQHU TX
XQ VHFRXUV IDLEOH HW LQVXIILVDQW 'DQV FHWWH
H[WUpPLWp 6pVRVWULV OHYDQW OHV PDLQV DX FLHO GHPDQGD DX[ GLHX[ OH VDOXW GH VD IHPPH HW
GH VHV HQIDQWV (Q HIIHW LO pFKDSSD DYHF HX[ GX PLOLHX GHV IODPPHV (Q UHFRQQDLVVDQFH
GH FH ELHQIDLW LO FRQVDFUD GHV WHPSOHV j WRXV OHV GLHX[ FRPPH QRXV O
DYRQV GpMj GLW
PDLVVXUWRXWj9XOFDLQDXTXHOLOVHFUR\DLWSDUWLFXOLqUHPHQWUHGHYDEOHGHODYLH(QWUHOHV
DFWLRQVOHVSOXVUHPDUTXDEOHVGH6pVRVWULVRQGRLWFRPSWHUODPDQLqUHGRQWLOWUDLWDLWOHV
SULQFHV YDLQFXV DX[TXHOV LO DYDLW ODLVVp OHV UR\DXPHV RX OHV SURYLQFHV TX
LO YHQDLW GH
FRQTXpULU,OVpWDLHQWREOLJpVGHOXLDSSRUWHUGHVSUpVHQWVXQHIRLVO
DQQpHGDQVOHWHPSV
TX
LO OHXU DYDLW PDUTXp 6pVRVWULV OHXU IDLVDLW G
DLOOHXUV WRXWH VRUWH G
KRQQHXUV PDLV
ORUVTX
LOHQWUDLWGDQVODYLOOHRXTX
LODOODLWDXWHPSOHLOIDLVDLWGpWHOHUOHVTXDWUHFKHYDX[
GH IURQW GH VRQ FKDULRW HW PHWWUH HQ OHXUSODFHFHVURLVRXFHVJRXYHUQHXUVOHXUYRXODQW
IDLUH VHQWLU SDU Oj TX
D\DQW YDLQFX OHV SOXV SXLVVDQWV SULQFHVGHODWHUUHVDYDOHXUO
DYDLW
PLV KRUV GH WRXWH FRPSDUDLVRQ DYHF OH UHVWH GHV KRPPHV ,O SDUDvW HQ HIIHW DYRLU
VXUSDVVp WRXV OHV URLV TXL RQW MDPDLV pWp SDU VD SXLVVDQFH SDU VHV H[SORLWV SDU OH
QRPEUH GH VHV RIIUDQGHV HW SDU OHV RXYUDJHV TX
LO D IDLW IDLUH GDQV O
eJ\SWH $\DQW SHUGX
OD YXH DSUqV XQUqJQHGHWUHQWHWURLVDQVLOVHGRQQDYRORQWDLUHPHQWODPRUW,OIXWORXp
GH FHWWH DFWLRQ SDU OHV SUrWUHV HW SDU WRXV OHVeJ\SWLHQVFRPPHD\DQWIDLWXQHILQGLJQH
GHODJUDQGHXUG
kPHTX
LODYDLWPDUTXpHSHQGDQWOHFRXUVGHVDYLH/DYpQpUDWLRQSRXU
OH QRP GH 6pVRVWULV GHPHXUD VL ORQJWHPSV LPSULPpH GDQV WRXV OHV F°XUV TXH O
eJ\SWH
pWDQWWRPEpHSOXVLHXUVVLqFOHVDSUqVOXLVRXVODGRPLQDWLRQGHV3HUVHVHW'DULXVSqUHGH
;HU[qVYRXODQWIDLUHPHWWUHVDVWDWXHDXGHVVXVGHFHOOHGH6pVRVWULVOHJUDQGSUrWUHGH
OD SDUW GH WRXW OH FROOqJH DVVHPEOp VXU FH VXMHW V
RSSRVD DX GHVVHLQ GH 'DULXV OXL
UHSUpVHQWDQW TX
LO Q
DYDLW SDV HQFRUH VXUSDVVp OHV DFWLRQV GH 6pVRVWULV 'DULXV QH IXW
SRLQW FKRTXp GH VD OLEHUWp GHV SUrWUHV  HW LO UpSRQGLW TX
LO V
HIIRUFHUDLW G
DWWHLQGUH j OD
JORLUH GH FH KpURV V
LO DWWHLJQDLW j VHV DQQpHV ,O OHV LQYLWD PrPH GH FRPSDUHU GqV FH
PRPHQW VHV DFWLRQV DX[ VLHQQHV HQ VXLYDQW OD SURSRUWLRQ GH O
kJH FH TXL pWDLW OD VHXOH
PDQLqUHpTXLWDEOHGHIDLUHFHSDUDOOqOH1RXVILQLURQVOjFHTXLUHJDUGH6pVRVWULV
;,)LOVHWVXFFHVVHXUGH6pVRVWULVRX6HVRVWULV,,
621 ),/6pWDQWPRQWpVXUOHWU{QHHWD\DQWSULVPrPHOHQRPGHVRQSqUHQHILWDXFXQ
H[SORLWQLDXFXQHDXWUHDFWLRQGLJQHGHUHPDUTXH,OQHOXLUHVVHPEODTXHSDUOHPDOKHXU
TX
LO HXW GH SHUGUH OD YXH VRLW TXH FH I€W XQH LQILUPLWp GH IDPLOOH RX VHORQ TXH G
DXWUHV
O
RQW FUX XQH SXQLWLRQ GX FLHO &DU LO DYDLW HX O
LPSLpWp GH WLUHU GHV IOqFKHV FRQWUH OH
IOHXYH&HWDFFLGHQWO
D\DQWIDLWUHFRXULUDX[GLHX[LOHVVD\DORQJWHPSVGHOHVDSDLVHUSDU
WRXWHVVRUWHVG
RIIUDQGHVHWGHVDFULILFHVVDQV\SRXYRLUUpXVVLU(QILQDXERXWGHGL[DQV
XQ RUDFOH OXL RUGRQQD GH IDLUH XQ Y°X DX GLHX G
+pOLRSROLV HW GH VH ODYHU OHV \HX[ DYHF
O
XULQH G
XQH IHPPH TXL Q
H€W HX GH FRPPHUFH TX
DYHF VRQ PDUL  LO HVVD\D FHOOH G
XQ
JUDQG QRPEUH GH IHPPHV j FRPPHQFHU SDU OD VLHQQH ,O QH WURXYD OH UHPqGH TX
LO
FKHUFKDLWTXHGDQVO
XULQHGHODIHPPHG
XQMDUGLQLHUTXLHXWXQWHOVXFFqVTX
LOO
pSRXVD
DSUqV VD JXpULVRQ ,O ILW EU€OHU OHV DXWUHV WRXWHV YLYHV GDQV XQ YLOODJH TXL IXW DSSHOp
GHSXLV FHW pYpQHPHQW OH 7HUWUH VDFUp ,O DFFRPSOLW HQVXLWH VRQ Y°X j +pOLRSROLV
FRQIRUPpPHQW j O
RUGUH GH O
RUDFOH TXL OXL DYDLW RUGRQQp GH IDLUH pOHYHU GHX[ REpOLVTXHV
G
XQHVHXOHSLHUUHGHKXLWFRXGpHVG
pSDLVVHXUHWGHFHQWFRXGpHVGHKDXWHXU
;,,5RLVLJQRUpVDYDQW$PDVLVPDXYDLVSULQFHDXTXHOVXFFqGH$FWLVDQqVpWKLRSLHQVRQ
YDLQTXHXU
21 75289( DSUqV OXL XQH ORQJXH OLVWH GH VHV VXFFHVVHXUV GRQW DXFXQ Q
D ULHQ IDLW TXL
PpULWH G
rWUH pFULW HW O
RQ DUULYH HQILQ j $PDVLV GRQW OH UqJQH D pWp YLROHQW j O
pJDUG GH
VHV VXMHWV ,O ILW PRXULU OHV XQV VDQV DXFXQH IRUPH GH MXVWLFH LO FRQILVTXD OH ELHQ GHV
DXWUHVHWLOVHFRPSRUWDjO
pJDUGGHWRXVDYHFXQHGXUHWpHWXQHDUURJDQFHH[WUrPH6HV
SHXSOHVVXSSRUWqUHQWOHMRXJWDQWTXHO
DXWRULWpDEVROXHOHVWLQWGDQVODFUDLQWHHWGDQVOH
VLOHQFH0DLV$FWLVDQqVURLG
eWKLRSLHD\DQWGpFODUpODJXHUUHj$PDVLVLOVSULUHQWFHWWH
RFFDVLRQ GH IDLUH pFODWHU OHXU KDLQH FRQWUH OXL HQ O
DEDQGRQQDQW GH VRUWH TX
D\DQW pWp
DLVpPHQW YDLQFX O
eJ\SWH WRPED VRXV OD SXLVVDQFH GHV eWKLRSLHQV $FWLVDQqV Q
DEXVD
SRLQWGHVDIRUWXQHHWWUDLWDIDYRUDEOHPHQWVHVQRXYHDX[VXMHWVLOSULWXQWHPSpUDPHQW
SDUWLFXOLHUjO
pJDUGGHFHX[TX
RQDFFXVDLWGHYROFDULOQHOHVFRQGDPQDSRLQWjODPRUW
PDLV SRXU QH SDV OHV ODLVVHULPSXQLVILWFRXSHUOHQH]jWRXVFHX[TXLIXUHQWFRQYDLQFXV
MXULGLTXHPHQWGHOHXUFULPH,OOHVHQYR\DHQVXLWHGDQVOHIRQGGXGpVHUWHWOHXUEkWLWXQH
YLOOH TXL V
DSSHOD 5KLQRFROXUH G
XQ PRW TXL H[SULPH OH FKkWLPHQW TX
LO OHXU DYDLW IDLW
VRXIIULU &HWWH YLOOH VLWXpH GDQV OHV FRQILQV GH O
eJ\SWH HW GH OD 6\ULH QRQ ORLQ GX ULYDJH
GHODPHUPDQTXHGHSUHVTXHWRXWHVOHVFRPPRGLWpVGHODYLHFDUHOOHHVWWRXWHQWRXUpH
GH PDUDLV VDOpV HW O
HDX TXH OHV SXLWV IRXUQLVVHQW HQ SHWLWH TXDQWLWp HVW DPqUH HW
PDOIDLVDQWH,OVpSDUDDLQVLFHVPDOKHXUHX[GXFRPPHUFHGHVKRQQrWHVJHQVDILQGHOHV
PHWWUH SRXU OH UHVWH GH OHXUV MRXUV KRUV G
pWDW GH IDLUH WRUW j SHUVRQQH HW GH SHXU
TX
pWDQW FRQIRQGXV GDQV OD IRXOH LOV QH IXVVHQW PpFRQQXV &HSHQGDQW OD SDXYUHWp
LQVSLUDQW DX[ KRPPHV WRXWH VRUWH G
LQYHQWLRQV LOV VH IRUPqUHQW GDQV FH OLHX LQFXOWH HW
DEDQGRQQpXQHYLHHWGHVDUWVFRQIRUPHVjOHXUVEHVRLQVFDUDOODQWFKHUFKHUGXFKDXPH
GDQV OHV WHUUHV GHV HQYLURQV LOV HQ WLUDLHQWXQHHVSqFHGHFKDQYUHGRQWLOVIDLVDLHQWGHV
ILOHWV GH OD ORQJXHXU GH SOXVLHXUV VWDGHV TX
LOV pWHQGDLHQW VXU OH ERUG GH OD PHU SRXU
SUHQGUH GHV FDLOOHV &HV RLVHDX[ V
\ MHWDLHQW SDU EDQGHV HW FHWWH FKDVVH VXIILVDLW j OHXU
QRXUULWXUH
;,,,0HQGqVDXWHXUGX/DE\ULQWKH
/(6eJ\SWLHQVD\DQWUHFRXYUpOHXUOLEHUWpDSUqVODPRUWG
$FWLVDQqVpOXUHQWXQURLGHOHXU
QDWLRQ QRPPp 0HQGqV TXH TXHOTXHVXQV DSSHOOHQW 0DUUXV &HOXLFL Q
HQWUHSULW DXFXQH
H[SpGLWLRQ PLOLWDLUH PDLV LO VH ILW XQ WRPEHDX FRQQX VRXV OH QRP GH /DE\ULQWKH &HW
RXYUDJH HVW PRLQV FRQVLGpUDEOH SDU VD JUDQGHXU LPPHQVH TXH SDU O
DUWLILFH LQLPLWDEOH
GRQWLOHWFRQVWUXLWFDUORUVTX
RQ\HVWHQWUpLOHVWFRPPHLPSRVVLEOHG
HQVRUWLUVDQVOH
VHFRXUV G
XQ JXLGH TXL HQ VDFKH SDUIDLWHPHQW OHV GpWRXUV 4XHOTXHVXQV GLVHQW TXH
'pGDOH pWDQW YHQX HQ eJ\SWH HW D\DQW DGPLUp FHW pGLILFH HQ ILW SRXU OH URL 0LQRV HQ O
vOH
GH &UqWH XQ VHPEODEOH j FHOXL GH 0HQGqV HW OHV SRqWHV RQW DMRXWp TX
LO DYDLW VHUYL GH
GHPHXUH DX 0LQRWDXUH 0DLV OH /DE\ULQWKH GH &UqWH QH SDUDvW SOXV  VRLW TXH TXHOTXH URL
O
DLW UHQYHUVp VRLW TXH OH WHPSV O
DLW GpWUXLW  DX OLHX TXH FHOXL G
eJ\SWH VXEVLVWH HQFRUH
DXMRXUG
KXLGDQVVRQHQWLHU
;,9 ,QWHUUqJQHV  &pWqV RX 3URWKpH 5HPSKLV HW TXHOTXHV DXWUHV URLV IDLQpDQWV j
O
H[FHSWLRQGH1LOHXVGXTXHOOHIOHXYHDWLUpVRQQRP
$35Ê6ODPRUWGH0HQGqVLO\HXWXQLQWHUUqJQHGHFLQTJpQpUDWLRQVRXGHFHQWFLQTXDQWH
DQV(QILQXQKRPPHGXSHXSOHIXWpOXURL/HVeJ\SWLHQVOHQRPPHQW&pWqV,OSDUDvWTXH
F
HVWOH3URWpHGHV*UHFVTXLVHWURXYDjODJXHUUHGH7URLH&DUFHTXHFHX[FLGLVHQWGH
OHXU 3URWpH VDYRLU TX
LO SUpGLVDLW OHV YHQWV HW TX
LO DYDLW ODIDFXOWpGHSUHQGUHWRXWHVRUWH
GHILJXUHVHWGHVHWUDQVIRUPHUWDQW{WHQErWHWDQW{WHQDUEUHWDQW{WHQIHXOHVSUrWUHV
pJ\SWLHQV OH GLVHQW DXVVL GH OHXU &pWqV ,OV SUpWHQGHQW TX
LO DYDLW DSSULV OD GLYLQDWLRQ SDU
OH FRPPHUFH FRQWLQXHO TX
LO HQWUHWHQDLW DYHF OHV DVWURORJXHV HW TX
j O
pJDUG GH FHV
PpWDPRUSKRVHV F
HVW XQH IDEOH TXL HVW QpH FKH] OHV *UHFV G
XQH FRXWXPH TX
DYDLHQW OHV
URLV pJ\SWLHQV ,OV SRUWDLHQW VXU OHXU WrWH SRXU PDUTXH GH OHXU IRUFH HW GH OHXU SXLVVDQFH
OD GpSRXLOOH G
XQ OLRQ RX G
XQ WDXUHDX RX G
XQ GUDJRQ ,OV RQW PrPH SRUWp GHV EUDQFKHV
G
DUEUHVGXIHXHWTXHOTXHIRLVGHVSDUIXPVH[TXLV&HVRUQHPHQWVVHUYDLHQWjOHVSDUHU
RX j MHWHU OD WHUUHXU HW OD VXSHUVWLWLRQ GDQV O
kPH GH OHXUV VXMHWV /H ILOV GH 3URWpH
QRPPp5HPSKLVD\DQWVXFFpGpjVRQSqUHHPSOR\DWRXWOHWHPSVGHVRQUqJQHjJURVVLU
VHV ILQDQFHV HW j IDLUH GHV DPDV G
RU HW G
DUJHQW 8QH LQFOLQDWLRQ VL EDVVH QH OXL SHUPLW
SDVGHFRQWULEXHUHQULHQjO
HQULFKLVVHPHQWGHVWHPSOHVQLjO
HPEHOOLVVHPHQWGHVYLOOHV
$LQVL D\DQW pWp SOXW{W XQ ERQ pFRQRPH TX
XQ ERQ URL DX OLHX G
XQ QRPUHFRPPDQGDEOH
HW G
XQH PpPRLUH LOOXVWUH LO ODLVVD SOXV GH ULFKHVVHV TX
DXFXQ GH VHV SUpGpFHVVHXUV FDU
RQGLWTX
RQWURXYDGDQVVHVFRIIUHVTXDWUHFHQWPLOOHWDOHQWV'DQVO
HVSDFHGHGHX[FHQW
GL[ DQV DSUqV OXL RQ QH UHQFRQWUH TXH GHV URLV IDLQpDQWV HW TXL VH VRQW HQGRUPLV GDQV OD
SDUHVVH HW GDQV OD YROXSWp /HV DQQDOHV VDFUpHV Q
RQW FRQVHUYp G
HX[ DXFXQH DFWLRQ TXL
SXLVVH DYRLU SODFH GDQV O
KLVWRLUH ,O IDXW SRXUWDQW H[HPSWHU GH FH UHSURFKH 1LOHXV TXL
SDVVHSRXUDYRLUGRQQpOHQRPDXIOHXYHTX
RQDSSHODLWDXSDUDYDQWeJ\SWXV/HVFDQDX[
OHV GLJXHV HW XQH LQILQLWp G
DXWUHV WUDYDX[ TX
LO ILW IDLUH SRXU UHQGUH OH 1LO PRLQV
GDQJHUHX[ HW SOXV XWLOH RQW PpULWp TXH OH IOHXYH SDU FH QRXYHDX QRP UDSSHOkW WRXMRXUV
GDQVODPpPRLUHGHVKRPPHVFHOXLGXURLPrPH
;9&KHPPLVDXWHXUGHODJUDQGHS\UDPLGH
621KXLWLqPHVXFFHVVHXUIXW&KHPPLVQpj0HPSKLVTXLUpJQDFLQTXDQWHDQV&HIXWOXL
TXL ILW pOHYHU OD SOXV JUDQGH GHV WURLV S\UDPLGHV TX
RQ PHW DX UDQJ GHV VHSW PHUYHLOOHV
GXPRQGH(OOHVVRQWGXF{WpGHOD/LE\HjVWDGHVGH0HPSKLVHWjTXDUDQWHFLQTGX
1LO(OOHVpWRQQHQWWRXVFHX[TXLOHVYRLHQWHWSDUOHXUKDXWHXUHWSDUOHXUEHDXWp/DEDVH
GHODSOXVJUDQGHHVWXQFDUUpGRQWFKDTXHF{WpHVWGHVHSWFHQWVSLHGV/DS\UDPLGHHQ
D SOXV GH VL[ FHQWV GH KDXWHXU 6HV TXDWUH IDFHV GLPLQXHQW HQ V
pOHYDQW GH WHOOH VRUWH
TX
HOOHVRQWHQFRUHVL[FRXGpHVGHODUJHXUDXVRPPHWTXLOHVWHUPLQH(OOHHVWFRQVWUXLWH
WRXW HQWLqUH GH SLHUUHV WUqV GLIILFLOHV j WUDYDLOOHU PDLV DXVVL G
XQH GXUpH pWHUQHOOH FDU
ELHQ TX
LO \ DLW DXMRXUG
KXL PLOOH DQV j FH TX
RQ GLW TXH OD S\UDPLGH VXEVLVWH HW TXH
G
DXWUHV PrPH DVVXUHQW TX
LO \HQDWURLVPLOOHTXDWUHFHQWVHOOHV
HVWFRQVHUYpHMXVTX
j
QRVMRXUVVDQVrWUHHQGRPPDJpHHQDXFXQHQGURLW2QDYDLWIDLWYHQLUOHVSLHUUHVGXIRQG
GH O
$UDELH HW FRPPH RQ Q
DYDLW SDV HQFRUH O
DUW G
pFKDIDXGHU RQ GLW TX
RQ V
pWDLW VHUYL
GHWHUUDVVHVSRXUOHVpOHYHU0DLVFHTX
LO\DGHSOXVLQFRPSUpKHQVLEOHGDQVFHWRXYUDJH
HVW TX
pWDQW DX PLOLHX GHV VDEOHV RQ Q
DSHUoRLW DXFXQH WUDFH QL GX WUDQVSRUW QL GH OD
WDLOOH GHV SLHUUHV QL GHV WHUUDVVHV GRQW QRXV DYRQV SDUOp GH WHOOH VRUWH TX
LO VHPEOH TXH
VDQV HPSUXQWHU OD PDLQ GHV KRPPHV TXL HVWWRXMRXUVIRUWOHQWHOHVGLHX[RQWSODFpWRXW
G
XQ FRXS FH PRQXPHQW DX PLOLHX GHV WHUUHV 4XHOTXHV pJ\SWLHQV DSSRUWHQW XQH
H[SOLFDWLRQ GH FHW HIIHW DXVVL IDEXOHXVH HW SOXV JURVVLqUH TXH FHOOHOj &DU LOV GLVHQW TXH
FHV WHUUDVVHV D\DQW pWp IDLWHV G
XQH WHUUH SOHLQH GH VHO HW GH QLWUH OH IOHXYH HQ VH
GpERUGDQW OHV D IDLW IRQGUH HW GLVSDUDvWUH VDQV OH VHFRXUV GHV RXYULHUV &HOD QH VDXUDLW
rWUH YUDL HW LO HVW ELHQ SOXV VHQVp GH GLUH TXH OHV PrPHV PDLQV TXL DYDLHQW pWp
HPSOR\pHV j DSSRUWHU FHV WHUUHV IXUHQW HPSOR\pHV j OHV UHPSRUWHU HW j UHPHWWUH OH VRO
GDQV OH PrPH pWDW TX
LO pWDLW DXSDUDYDQW G
DXWDQW SOXV TX
RQ GLW TXH WURLV FHQW VRL[DQWH
PLOOHPDQ°XYUHVRXHVFODYHVIXUHQWRFFXSpVSUqVGHYLQJWDQVjFHWUDYDLO
;9,&HSKUHQ
$ &+(00,6 VXFFpGD VRQ IUqUH &HSKUHQ TXL UpJQD FLQTXDQWHVL[ DQV
4XHOTXHVXQVGLVHQWSRXUWDQWTXH&KHPPLVDYDLWODLVVpOHUR\DXPHQRQjVRQIUqUHPDLV
j VRQ ILOV QRPPp &KDEULV PDLV WRXW OH PRQGH FRQYLHQW TXH VRQ VXFFHVVHXU TXHO TX
LO
VRLW D\DQW YRXOX LPLWHU VD PDJQLILFHQFH pOHYD OD VHFRQGH S\UDPLGH DXVVL ELHQ IDLWH TXH
OD SUHPLqUH PDLV XQ SHX PRLQV JUDQGH YX TXH OHV F{WpV GH OD EDVH Q
DYDLHQW TX
XQ
VWDGH RX  SLHGV GH ORQJXHXU 2Q D PDUTXp VXU OD SOXV JUDQGH S\UDPLGH OD VRPPH
G
DUJHQW TXL D pWp HPSOR\pHHQOpJXPHVSRXUODQRXUULWXUHGHVRXYULHUVHOOHSDVVHVHL]H
FHQWV WDOHQWV /D SOXV SHWLWH HVW VDQV LQVFULSWLRQ PDLV RQ D FUHXVp XQ GHJUp GDQV XQ GH
VHV F{WpV 4XRLTXH FHV GHX[ URLV OHV HXVVHQW IDLW IDLUH SRXU OHXU VHUYLU GH VpSXOWXUH
DXFXQ GHV GHX[ Q
\ D SRXUWDQW pWp HQVHYHOL FDU OHV SHXSOHV LUULWpV GHV WUDYDX[
LQVXSSRUWDEOHV R LOV DYDLHQW pWp FRQGDPQpV HW GHV DXWUHV YLROHQFHV GH FHV GHX[ URLV
MXUqUHQW TX
LOV WLUHUDLHQW OHXUV FRUSV GH FHV PRQXPHQWV SRXU OHV PHWWUH HQ SLqFHV /HV
GHX[ URLV TXL HQ IXUHQW LQIRUPpV DYDQW OHXU PRUW UHFRPPDQGqUHQW j OHXUV DPLV GH
GpSRVHUOHXUFRUSVGDQVGHVOLHX[V€UVHWVHFUHWV

;9,,0LFpULQXVHW%RFFKRULV
$35Ê6 HX[ UpJQD 0LFHULQXV TXH TXHOTXHVXQV QRPPHQW &KHULQXV ILOV GH &KHPPLV TXL
DYDLW pOHYp OD SUHPLqUH S\UDPLGH &HOXLFL D\DQW HQWUHSULV G
HQ IDLUH XQH WURLVLqPH
PRXUXWDYDQWO
HQWLqUHH[pFXWLRQGHVRQGHVVHLQ0DLVFRPPHHOOHpWDLWGpMjFRPPHQFpH
OHV F{WpV GH OD EDVH DYDLHQW WURLV FHQWV SLHGV HW OHV IDFHV MXVTX
j OD TXLQ]LqPH DVVLVH
pWDLHQW GH SLHUUHV QRLUHV VHPEODEOHV j OD SLHUUH GH 7KqEHV 7RXW OH UHVWH GHYDLW rWUH GH
PrPH SLHUUH TXH OHV DXWUHV S\UDPLGHV &HWWH WURLVLqPH DXUDLW pWp FRPPH RQ YRLW SOXV
SHWLWH TXH OHV GHX[ SUHPLqUHV  PDLV HOOH OHV VXUSDVVDLW GpMj SDU OH FKRL[ GH OD SLHUUH HW
SDU OD EHDXWp GX WUDYDLO /H QRP GH 0LFHULQXV HVW pFULW VXU OD IDFH TXL UHJDUGH OH
6HSWHQWULRQ2QGLWTXHFHURLGpWHVWDQWODW\UDQQLHHWOHVYH[DWLRQVGHVHVSUpGpFHVVHXUV
VH PRQWUD GRX[ HW ELHQIDLVDQW HQYHUV VHV SHXSOHV ,O UHFKHUFKD PrPH DYHF VRLQ OHXU
DIIHFWLRQ HW LO UpSDUDLW VXUWRXW OH WRUW TX
LO FUR\DLW DYRLU pWp IDLW j GHV JHQV GH ELHQ GDQV
OHV MXJHPHQWV SXEOLFV ,O ILW HQILQ GH JUDQGV GRQV j WRXV OHV OLHX[ R O
RQ UHQGDLW GHV
RUDFOHV,O\DWURLVDXWUHVS\UDPLGHVGRQWOHVEDVHVRQWOHXUVF{WpVGHGHX[FHQWVSLHGV
ÈODJUDQGHXUSUqVHOOHVUHVVHPEOHQWDVVH]DX[DXWUHV(OOHVIXUHQWEkWLHVGLWRQSDUOHV
WURLV URLV SUpFpGHQWV SRXU OD VpSXOWXUH GH OHXUV IHPPHV 2Q FRQYLHQW TXH FHV RXYUDJHV
VRQW DXGHVVXV GH WRXW FH TXH O
RQ YRLW HQ eJ\SWH QRQ VHXOHPHQW SDU OD JUDQGHXU GH OD
PDVVHHWSDUOHVVRPPHVSURGLJLHXVHVTX
LOVRQWFR€WpPDLVHQFRUHSDUODEHDXWpGHOHXU
FRQVWUXFWLRQ(WOHVRXYULHUVTXLOHVRQWUHQGXHVVLSDUIDLWHVVRQWELHQSOXVHVWLPDEOHVTXH
OHV URLV TXL HQ RQW IDLW OD GpSHQVH &DU OHV SUHPLHUV RQW GRQQp SDU Oj XQH SUHXYH
PpPRUDEOH GH OHXU JpQLH HW GH OHXU DGUHVVH  DX OLHX TXH OHV URLV Q
\ RQW FRQWULEXp TXH
SDUOHVULFKHVVHVTXLOHXUDYDLHQWpWpODLVVpHVSDUOHXUVDQFrWUHVRXTX
LOVH[WRUTXDLHQWGH
OHXUVVXMHWV$XUHVWHQLOHVKLVWRULHQVQLOHVeJ\SWLHQVPrPHQHVRQWG
DFFRUGVXUO
DUWLFOH
GHV S\UDPLGHV FDU OD SOXSDUW OHXU GRQQHQW SRXU DXWHXUV OHV URLV TXH QRXV DYRQV
QRPPpVPDLVTXHOTXHVXQVOHVPHWWHQWVRXVG
DXWUHVQRPVHWLOVGLVHQWTXHODSUHPLqUH
HVW G
$UPDHXV OD VHFRQGH G
$PPRVLV HW OD WURLVLqPH G
,QDURQ '
DXWUHV HQFRUH GLVHQW
TXH FHWWH WURLVLqPH HVW OH WRPEHDX GH OD FRXUWLVDQH 5RGRSH HW TXH GHV JRXYHUQHXUV GH
SURYLQFH VHV DPDQWV O
DYDLHQW IDLWpOHYHUSRXUHOOHjIUDLVFRPPXQV%RFFRULVVXFFpGDj
FHV URLV 6D WDLOOH pWDLW SHX DYDQWDJHXVH PDLV LO SDVVD GH ELHQ ORLQ VHV GHUQLHUV
SUpGpFHVVHXUVHQHVSULWHWHQVDJHVVH
;9,,,6DEDFRQ
3/86,(856VLqFOHVDSUqVOXLRQWURXYH6DEDFRQQpHQ(WKLRSLH&HOXLFLVHGLVWLQJXDHQWUH
WRXV OHV URLV G
eJ\SWH SDU VD SLpWp HW SDU OD GRXFHXU GH VRQ UqJQH 8QH GHV JUDQGHV
PDUTXHV TX
LO DLW GRQQpHV GH OD ERQWp GH VRQ QDWXUHO HVW G
DYRLU DEROL OD SOXV JUDQGH GH
WRXWHVOHVSXQLWLRQVMXULGLTXHVTXLHVWODSHLQHGHODPRUWFDUDXOLHXGXGHUQLHUVXSSOLFH
LO RUGRQQD TX
RQ FRQGDPQHUDLW OHV FULPLQHOV DX[ WUDYDX[ GDQV OHV YLOOHV R RQ OHV
GLVWULEXHUDLW ,O OHXU ILW IDLUH SOXVLHXUV GLJXHV HW SOXVLHXUV FDQDX[ TXL pWDLHQW RX
QpFHVVDLUHV RX XWLOHV ,O MXJHD TX
HQ VDXYDQW DLQVL OD YLH j FHV PDOKHXUHX[ LO FKDQJHUDLW
XQH ULJXHXU LQIUXFWXHXVH HQ XQH SXQLWLRQ GRQW O
eJ\SWH WLUHUDLW GH JUDQGV DYDQWDJHV 2Q
DOOqJXHSRXUSUHXYHGHVDSLpWpO
DEGLFDWLRQTX
LOILWGHODUR\DXWpVXUXQVRQJHTX
LODYDLW
HX /H 'LHX GH 7KqEHV OXL DSSDUXW HW OXL GLW TXH VRQ UqJQH QH VHUDLW SDV ORQJWHPSV
KHXUHX[ HQ eJ\SWH V
LO QH IDLVDLW FRXSHU WRXV OHV SUrWUHV SDU OD PRLWLp GX FRUSV SRXU
SDVVHU HQWUH GHX[ DFFRPSDJQp GH WRXWH VD PDLVRQ &HWWH YLVLRQ pWDQW UHYHQXH SOXVLHXUV
IRLV LO PDQGD WRXV OHV SUrWUHV HW OHXU GLW TXH OHV GLHX[ OXL PDUTXDLHQW TX
LO QH OHXU pWDLW
SDV DJUpDEOH SXLVTXH DX IRQG OHXU YRORQWp QH SRXYDLW rWUH TX
LO H[pFXWkW XQ WHO RUGUH
TX
DLQVLLODLPDLWPLHX[VHUHWLUHUHWPRXULUV
LOOHIDOODLWTXHGHGHPHXUHUSOXVORQJWHPSV
VXU XQ WU{QH R LO GpSODLVDLW DX[ GLHX[ RX GH VRXLOOHU VD YLH HW VD PpPRLUH GH WDQW GH
PHXUWUHV$LQVLD\DQWUHPLVO
HPSLUHDX[eJ\SWLHQVLOVHUHWLUDHQ(WKLRSLH
;,;,QWHUUqJQH/HVGRX]HJRXYHUQHXUVUpJQDQWHQVHPEOHHWOHWRPEHDXFRPPXQTX
LOV
ILUHQWFRQVWUXLUH
,/ < (87 DORUV XQ LQWHUUqJQH GH GHX[ DQV TXL IXW UHPSOL GH WURXEOHVHWGHJXHUUHVFLYLOHV
MXVTX
j FH TX
HQILQ GRX]H GHV SULQFLSDX[ JRXYHUQHXUV VH OLqUHQW HQWUH HX[ SDU XQ
VHUPHQWUpFLSURTXHHWV
pWDQWSURPLVGHVHVRXWHQLUPXWXHOOHPHQWLOVVHGpFODUqUHQWURLV
WRXV HQVHPEOH GDQV OH VpQDW GH 0HPSKLV $\DQW UpJQp TXLQ]H DQV GDQV XQH JUDQGH
FRQFRUGH LOV HQWUHSULUHQW GH VH EkWLU XQ WRPEHDX FRPPXQ DILQ TX
pWDQW DVVRFLpV DX[
PrPHV KRQQHXUV GDQV OD VpSXOWXUH FRPPH LOV O
DYDLHQW pWp GDQV OD UR\DXWp  FH
PRQXPHQW UHQGvW j OD SRVWpULWp XQ WpPRLJQDJH JORULHX[ G
XQH XQLRQ VL UDUH ,OV
V
HIIRUFqUHQW GH VXUSDVVHU GDQV FHW RXYUDJH WRXV OHXUV SUpGpFHVVHXUV $\DQW FKRLVL XQ
WHUUDLQ FRQYHQDEOH YHUV O
HQWUpH GX ODF GH 0RHULV GDQV OD /LE\H LOV \ GUHVVqUHQW XQ
WRPEHDX GH SLHUUHV FKRLVLHV &
pWDLW XQ FDUUp GRQW FKDTXH F{Wp DYDLW XQ VWDGH GH
ORQJXHXU 2Q Q
D SDV GHSXLV SRUWp SOXV ORLQ O
DGUHVVH GX FLVHDX HW OD EHDXWp GH OD
VFXOSWXUH 'qV TX
RQ D SDVVp OD SRUWH RQ YRLW XQ SDODLV GRQW FKDFXQ GHV TXDWUH F{WpV
pWDLW RUQp GH TXDUDQWH FRORQQHV 8QH VHXOH SLHUUH VHUYDLW GH SODIRQG j WRXW O
pGLILFH 2Q
DYDLW JUDYp DXGHVVRXV GHV pWDEOHV HW G
DXWUHV EkWLPHQWV 2Q DYDLW SHLQW DXVVL DYHF XQ
JUDQG DUW OHV YLOOHV R pWDLW Qp FKDFXQ GH FHV URLV DYHF OHV VDFULILFHV HW OHV DXWUHV
FpUpPRQLHV TX
RQ \ IDLVDLW HQ O
KRQQHXU GHV GLHX[ (Q XQ PRW OH GHVVHLQ GH O
RXYUDJH
pWDLW G
XQH WHOOH PDJQLILFHQFH HW O
H[pFXWLRQ pWDLW VL SDUIDLWH GDQV FH TX
RQ DYDLW
FRPPHQFp TXH VL FHVURLVQHVHIXVVHQWVpSDUpVDYDQWODILQGHOHXUHQWUHSULVHO
eJ\SWH
Q
DXUDLW ULHQ HX GH FRPSDUDEOH j FH PRQXPHQW 0DLV DSUqV OD TXLQ]LqPH DQQpH GH OHXU
UqJQHODVXSUrPHSXLVVDQFHIXWGpYROXHjXQVHXOjO
RFFDVLRQTXHMHYDLVGLUH
;;3VDPPpWLFXV
36$00e7,&86 GH 6DwV XQ GHV GRX]H URLV OHTXHO pWDLW JRXYHUQHXU GHV SURYLQFHV
PDULWLPHVWUDILTXDLWDYHFOHVPDUFKDQGVpWUDQJHUVHWVXUWRXWDYHFFHX[GHOD3KpQLFLHHW
GH OD *UqFH ,O WLUDLW SDU Oj GH JUDQGV SURILWV GH VRQ JRXYHUQHPHQW HW LO DYDLW DFTXLV
EHDXFRXS G
DPLV HW GH FUpGLW FKH] OHV QDWLRQV YRLVLQHV RXWUH OHV ULFKHVVHV TX
RQ OXL HQ
DSSRUWDLW&HVDYDQWDJHVH[FLWqUHQWODMDORXVLHGHVURLVVHVFROOqJXHVHWLOVOXLGpFODUqUHQW
OD JXHUUH 'H SOXV TXHOTXHV KLVWRULHQV UDSSRUWHQW TX
XQ RUDFOH OHXU DQQRQoD TXH OH
SUHPLHU G
HQWUH HX[ TXL IHUDLW XQH REODWLRQ DX GLHX GH 0HPSKLV GDQV XQH FRXSH G
DLUDLQ
UqJQHUDLW VHXO VXU WRXWH O
eJ\SWH 2U XQ SUrWUH OHXU D\DQW SUpVHQWp XQ MRXU GRX]H FRXSHV
G
RU SRXU IDLUH OHXUV REODWLRQV 3VDPPpWLFXV {WD VRQ FDVTXH GH GHVVXV VD WrWH HW V
HQ
VHUYLW SRXU IDLUH OD VLHQQH &HWWH DFWLRQ D\DQW pWp VXVSHFWH j VHV FROOqJXHV LOV QH
YRXOXUHQW SDV OH WXHU PDLV LOV OH FKDVVqUHQW HW O
REOLJqUHQW GH VH UHWLUHU GDQV OHV PDUDLV
TXL VRQW DXSUqV GH OD PHU (QILQ VRLW TXH OHXU GLYLVLRQ H€W pWp FDXVpH SDU O
DPELWLRQ GH
3VDPPpWLFXV RX SDU OD MDORXVLH GHV DXWUHV URLV FHOXLOj ILW OHYHU GHV VROGDWV j SUL[
G
DUJHQWGDQVOD&DULHHWGDQVO
,RQLHHWGpILWHQEDWDLOOHUDQJpHVHVHQQHPLVUDVVHPEOpV
GHYDQW XQH YLOOH QRPPpH 0RPHPSKLV 'H FHV URLV YDLQFXV OHV XQV IXUHQW WXpV GDQV OH
FRPEDW HW OHV DXWUHV D\DQW pWp SRXVVpV MXVTXH GDQV OD /LE\H QH IXUHQW SOXV HQ pWDW GH
GLVSXWHU OD VRXYHUDLQHWp j 3VDPPpWLFXV $LQVL pWDQW GHPHXUp VHXO PDvWUH GH O
eJ\SWH LO
FRQVDFUD DX GLHX GH 0HPSKLV XQ YHVWLEXOH WRXUQp GX F{Wp GH O
2ULHQW ,OO
HQYLURQQDG
XQ
SpULVW\OH DXTXHO GHV ILJXUHV FRORVVDOHV GH GL[KXLW SLHGV GH KDXW VHUYDLHQW GH FRORQQHV
2XWUHODVROGHGRQWLOpWDLWFRQYHQXDYHFOHVWURXSHVpWUDQJqUHVTXLO
DYDLHQWVHUYLLOOHXU
GLVWULEXDHQFRUHGHJUDQGVSUpVHQWVHWOHXUGRQQDXQSHXDXGHVVXVGHO
HPERXFKXUHGH
3pOXVHXQWHUULWRLUHQRPPpOHFDPSTX
LOVSDUWDJqUHQWHWGRQWLOVWLUqUHQWOHVSRUWLRQVDX
VRUW$PDVLVTXLUpJQDSOXVLHXUVDQQpHVDSUqVOHVUDSSHODGHFHWHQGURLWSRXUOHVSODFHU
GDQV 0HPSKLV &RPPH 3VDPPpWLFXV pWDLW SDUYHQX j OD PRQDUFKLH SDU OH VHFRXUV GH FHV
WURXSHV VRXGR\pHV LO DYDLW XQH FRQILDQFH SDUWLFXOLqUH HQ HOOHV HW LO UHPSOLW VRQ DUPpH GH
FRUSV pWUDQJHUV GDQV OD JXHUUH TX
LO SRUWD HQ 6\ULH ,O DIIHFWD GH OHV GLVWLQJXHU FDU
WRXWHVOHVIRLVTX
LOV
DJLVVDLWGHVHPHWWUHHQRUGUHGHEDWDLOOHLOOHXUGRQQDLWWRXMRXUVOD
GURLWH ODLVVDQW j OD JDXFKH OD SKDODQJH GHV eJ\SWLHQV &HX[FL LQGLJQpV GH FHWWH
SUpIpUHQFH GpVHUWqUHQW WRXW G
XQ FRXS DX QRPEUH GH GHX[ FHQW PLOOH HW VH UHWLUqUHQW GX
F{Wp GH O
eWKLRSLH GDQV OH GHVVHLQ GH VH UHQGUH PDvWUHV G
XQ FDQWRQ R LOV YLYUDLHQW
LQGpSHQGDQWV /H URL OHXU HQYR\D G
DERUG TXHOTXHVXQV GH VHV SULQFLSDX[ RIILFLHUV SRXU
OHXUIDLUHTXHOTXHVDWLVIDFWLRQVXUO
LQMXUHTX
LOVFUR\DLHQWDYRLUUHoXHPDLVFRPPHLOVQH
VH UHQGLUHQW SDV j FHWWH GpPDUFKH LO OHV VXLYLW SDU PHU DYHF VHV WURXSHV ILGqOHV LO OHV
UHQFRQWUD QRQ ORLQ GX 1LO ORUVTX
LOV pWDLHQW GpMj SUrWV j VRUWLU GH O
eJ\SWH  LO OHV FRQMXUD
GHQHSDVDEDQGRQQHUDLQVLOHXUVWHPSOHVOHXUSDWULHOHXUVIHPPHVHWOHXUVHQIDQWV(X[
DXVVLW{W IUDSSDQW GH OHXUV MDYHORWV HW GH OHXUV ERXFOLHUV OHV XQV FRQWUH OHV DXWUHV
UpSRQGLUHQW HQ FULDQW GH WRXWHV OHXUV IRUFHV TXH WDQW TX
LOV DXUDLHQW FHVDUPHVDYHFHX[
LOV WURXYHUDLHQW DLVpPHQW XQH SDWULH HW TXH WDQW TX
LOV VHUDLHQW KRPPHV LOV QH
PDQTXHUDLHQW QL GH IHPPHV QL G
HQIDQWV 6H UHPSOLVVDQW DLQVL GH FRXUDJH HW PpSULVDQW
FH TXH OHV DXWUHV KRPPHV RQW GH SOXV SUpFLHX[ HW GH SOXV FKHU LOV V
HPSDUqUHQW GX OLHX
OH SOXV DYDQWDJHX[ GH O
eWKLRSLH  LOV OH SDUWDJqUHQW HQWUH HX[ HW V
\ pWDEOLUHQW
3VDPPpWLFXV VHQWLW YLYHPHQW FHWWH GpVHUWLRQ &HSHQGDQW LO SRXUYXWjWRXWGDQVO
eJ\SWH
LOUpJODO
pWDWGHVHVILQDQFHVLOILWHQILQXQHDOOLDQFHHWXQHOLJXHDYHFOHV$WKpQLHQVHWOHV
DXWUHV *UHFV ,O DFFRUGDLW WRXWHV VRUWHV GH SULYLOqJHV DX[ pWUDQJHUV TXL YHQDLHQW V
pWDEOLU
YRORQWDLUHPHQW HQ eJ\SWH PDLV LO DLPDLW VXUWRXW OHV *UHFV HW LO ILW DSSUHQGUH j VHV
HQIDQWV WRXWHV OHV VFLHQFHV GH OD *UqFH ,O IXW OH SUHPLHU GH WRXV OHV URLV G
eJ\SWH TXL
RXYULWVHVSRUWVDXFRPPHUFHGHWRXWHVOHVQDWLRQVHWTXLIDYRULVDODQDYLJDWLRQGDQVVHV
PHUV &DU VHV SUpGpFHVVHXUV DYDLHQW MXVTX
DORUV UHQGX O
eJ\SWH LQDFFHVVLEOH DX[
pWUDQJHUV HQ WXDQW RX IDLVDQW HVFODYHV WRXV FHX[ TX
RQ SRXYDLW VXUSUHQGUH OH ORQJ GH
OHXUV F{WHV &HWWH KRUULEOH PD[LPH GHV eJ\SWLHQV D GRQQp OLHX j OD IDEOH GH %XVLULV VL
IDPHXVH FKH] OHV *UHFV FDU DX IRQG OH IDLW SDUWLFXOLHU GRQW RQ DFFXVH FH URL Q
HVW SDV
YpULWDEOHPDLVF
HVWXQHH[DJpUDWLRQGRQWVRQLQKXPDQLWpTXLQ
pWDLWTXHWURSUpHOOHDYDLW
pWpOHIRQGHPHQW
;;,$SULqVHW$PDVLVVRQVXFFHVVHXUHWGHUQLHUURLGHO
DQFLHQQHeJ\SWH
9,1*7 $16 DSUqV 3VDPPpWLFXV $SULqV UpJQD YLQJWGHX[ DQV $\DQW OHYp GH SXLVVDQWHV
DUPpHVGHWHUUHHWGHPHULODOODDWWDTXHUO
vOHGH&K\SUHHWOD3KpQLFLH,OHPSRUWD6LGRQ
GH IRUFH HW MHWD SDU FHW HVVDL WDQW GH WHUUHXU GDQV OHV DXWUHV YLOOHV TX
HOOHV VH UHQGLUHQW
G
DERUG,OYDLQTXLWHQVXLWHGDQVXQJUDQGFRPEDWVXUPHUOHV&\SULRWHVHWOHV3KpQLFLHQV
HQVHPEOH HW LO UHWRXUQD GDQV O
eJ\SWH FKDUJp GH GpSRXLOOHV 0DLV HQVXLWH D\DQW HQYR\p
O
pOLWH GH VHV WURXSHV DX[ VLqJHV GH&\UqQHHWGH%DUFHHWHQD\DQWSHUGXODSOXVJUDQGH
SDUWLHFHPDXYDLVVXFFqVDOLpQDO
HVSULWGHFHX[TXLHQUHYLQUHQWFDURQOHVRXSoRQQDGH
V
rWUH GpIDLW H[SUqV GH OD PHLOOHXUH SDUWLH GH VHV VXMHWV SRXU UpJQHU DYHF SOXV G
HPSLUH
VXU OH UHVWH &H VRXSoRQ D\DQW H[FLWp XQ VRXOqYHPHQW JpQpUDO LO HQYR\D $PDVLV XQ GHV
KRPPHV OHV SOXV FRQVLGpUDEOHV GH O
pWDW YHUV OHV UHEHOOHV 0DLV $PDVLV DX OLHX GH
V
DFTXLWWHU GH VD FRPPLVVLRQ HW GH WkFKHU GH OHV UDPHQHU j O
REpLVVDQFH G
$SULqV
IRPHQWDOHXUUpEHOOLRQHWVHILWGpFODUHUURL7RXWHO
eJ\SWHVHUDQJHDELHQW{WGHVRQSDUWL
HW $SULqV QH VDFKDQW j TXRL VH UpVRXGUH HXW HQILQ UHFRXUV j VHV WURXSHV pWUDQJqUHV TXL
IDLVDLHQWHQYLURQWUHQWHPLOOHKRPPHV,OVHGRQQDXQVDQJODQWFRPEDWYHUVOHYLOODJHGH
0DULD HW $SULqV D\DQW pWp SULV YLYDQW IXW HQVXLWH pWUDQJOp $PDVLV WUDYDLOOD G
DERUG j
V
DIIHUPLU VXU OH WU{QH ,O UpJQD GHSXLV DYHF XQH JUDQGH pTXLWp HW V
DFTXLW EHDXFRXS GH
JORLUH ,O VXEMXJXD O
vOH GH &K\SUH HW ILW DX[ GLHX[ GHV RIIUDQGHV PDJQLILTXHV ,O PRXUXW
DSUqVXQUqJQHGHFLQTXDQWHFLQTDQVYHUVOHWHPSVR&DPE\VHURLGH3HUVHHQWUHSULW
OD FRQTXrWH GH O
eJ\SWH F
HVWjGLUH HQ OD WURLVLqPH DQQpH GH OD VRL[DQWHWURLVLqPH
RO\PSLDGHR3DUPpQLGHGH&DPDULQHUHPSRUWDOHSUL[GHODFRXUVH
;;,,/RLVGHO
eJ\SWH0°XUVGHVeJ\SWLHQVHWSUHPLqUHPHQWGHVURLV
$35Ê6DYRLUUDFRQWpGDQVXQHpWHQGXHTXLQRXVDSDUXVXIILVDQWHOHVDFWLRQVGHVDQFLHQV
URLV G
eJ\SWH MXVTX
j OD PRUW G
$PDVLV QRXV UHQYR\RQV j OHXU WHPSV O
KLVWRLUH GH FHX[
TXL OHV RQW VXLYLV SRXU SODFHU LFL XQ DEUpJp GHV ORLV HW GHV P°XUV GHV eJ\SWLHQV TXL
SDUDvWURQW VDQV GRXWH PHUYHLOOHXVHV HW G
XQH JUDQGH LQVWUXFWLRQ SRXU OH OHFWHXU (OOHV
Q
RQW SDV pWp UpYpUpHV GHV eJ\SWLHQV VHXOV OHV *UHFV PrPHV OHV RQW DGPLUpHV GH VRUWH
TXH OHV SOXV KDELOHV G
HQWUH HX[ VH VRQW IDLW KRQQHXU GH YHQLU MXVTX
HQ eJ\SWH SRXU \
DSSUHQGUH OHV PD[LPHV HW OHV FRXWXPHV GH FHWWH IDPHXVH QDWLRQ &DU ELHQ TXH O
HQWUpH
GH O
eJ\SWH I€W DXWUHIRLV GLIILFLOH DX[ pWUDQJHUV FRPPH QRXV O
DYRQV GLW SOXV KDXW
FHSHQGDQW 2USKpH HW OH SRqWH +RPqUH HQWUH OHV SOXV DQFLHQV 3\WKDJRUH GH 6DPRV HW OH
OpJLVODWHXUGHV$WKpQLHQV6RORQHQWUHSOXVLHXUVDXWUHVSOXVUpFHQWVQ
RQWSDVODLVVpG
HQ
HQWUHSUHQGUH OH YR\DJH /HV eJ\SWLHQV GLVHQW TXH O
pFULWXUH HW O
DVWURQRPLH RQW SULV
QDLVVDQFH FKH] HX[ ,OV RQW SURSRVp OHV SUHPLHUV SUREOqPHV GH JpRPpWULH HW RQW LQYHQWp
OD SOXSDUW GHV DUWV ,OV SURXYHQW TXH OHXUV ORLV VRQW H[FHOOHQWHV SDUFH TX
LOV FRPSWHQW
SOXVGHTXDWUHPLOOHVHSWFHQWVDQVRO
eJ\SWHDpWpJRXYHUQpHSDUGHVURLVSUHVTXHWRXV
QpV FKH] HX[ TXL RQW UHQGX FH UR\DXPH OH SOXV KHXUHX[ TXL I€W DX PRQGH FH TXL QH
VHUDLW SDV DUULYp VL OHV URLV HW OHV VXMHWV Q
DYDLHQW VXLYL GHV ORLV WUqV VDJHV HW Q
HXVVHQW
UHoX XQH pGXFDWLRQ WUqV SDUIDLWH 0DLV QRXV RPHWWURQV GDQV FH UpFLW OHV ILFWLRQV
LQFUR\DEOHVTX
+pURGRWHHWTXHOTXHVDXWUHVpFULYDLQVRQWLQYHQWpHVG
HX[PrPHVHWTX
LOV
RQWSUpIpUpHVjODYpULWpFUR\DQWDWWLUHUSDUOjO
DWWHQWLRQGHOHXUVOHFWHXUV1RXVQRXVHQ
WLHQGURQV j FH TXH QRXV DYRQV WURXYp GDQV OHV OLYUHV TXL RQW pWp pFULWV SDU OHV SUrWUHV
pJ\SWLHQV HW QRXV OH UDSSRUWHURQV DYHF XQH H[DFWH ILGpOLWp 'DQV OHV SUHPLHUV WHPSV OHV
URLV QH VH FRQGXLVDLHQW SRLQW HQ eJ\SWH FRPPH FKH] OHV DXWUHV SHXSOHV R LOV IRQWWRXW
FH TX
LOV YHXOHQW VDQV rWUH REOLJpV GH VXLYUH DXFXQH UqJOH QL GH SUHQGUH DXFXQ FRQVHLO
7RXW OHXU pWDLW SUHVFULW SDU OHV ORLV QRQ VHXOHPHQW j O
pJDUG GH O
DGPLQLVWUDWLRQ GX
UR\DXPH PDLV HQFRUH SDU UDSSRUW j OHXU FRQGXLWH SDUWLFXOLqUH ,OV QH SRXYDLHQW SRLQW VH
IDLUH VHUYLU SDU GHV HVFODYHV DFKHWpV RX PrPH QpV GDQV OHXU PDLVRQ PDLV RQ OHXU
GRQQDLWOHVHQIDQWVGHVSULQFLSDX[G
HQWUHOHVSUrWUHVWRXMRXUVDXGHVVXVGHYLQJWDQVHW
OHVPLHX[pOHYpVGHODQDWLRQDILQTXHOHURLYR\DQWMRXUHWQXLWDXWRXUGHVDSHUVRQQHOD
MHXQHVVH OD SOXV FRQVLGpUDEOH GH O
eJ\SWH QH IvW ULHQ GH EDV HW TXL I€W LQGLJQH GH VRQ
UDQJ(QHIIHWOHVSULQFHVQHVHMHWWHQWVLDLVpPHQWGDQVWRXWHVVRUWHVGHYLFHVTXHSDUFH
TX
LOV WURXYHQW GHV PLQLVWUHV WRXMRXUV SUrWV j VHUYLU OHXUV SDVVLRQV ,O\DYDLWVXUWRXWGHV
KHXUHVGXMRXUHWGHODQXLWROHURLQHSRXYDLWGLVSRVHUGHOXLHWpWDLWREOLJpGHUHPSOLU
OHV GHYRLUV PDUTXpV SDU OHV ORLV $X SRLQW GX MRXU LO GHYDLW OLUH OHV OHWWUHV TXL OXL pWDLHQW
DGUHVVpHVGHWRXVF{WpVDILQTX
LQVWUXLWSDUOXLPrPHGHVEHVRLQVGHVRQUR\DXPHLOS€W
SRXUYRLU j WRXW HW UHPpGLHU j WRXW $SUqV DYRLU SULV OH EDLQ LO VH UHYrWDLW GXQH UREH
SUpFLHXVH HW GHV DXWUHV PDUTXHV GH OD UR\DXWp SRXU DOOHU VDFULILHU DX[ GLHX[ 4XDQG OHV
YLFWLPHV DYDLHQW pWp DPHQpHV j O
DXWHO OH *UDQG 3UrWUH GHERXWHWHQSUpVHQFHGHWRXWOH
SHXSOH GHPDQGDLW DX[ GLHX[ jKDXWHYRL[TX
LOVFRQVHUYDVVHQWOHURLHWUpSDQGLVVHQWVXU
OXL WRXWH VRUWH GH SURVSpULWpV SDUFH TX
LO JRXYHUQDLW VHV VXMHWV DYHF MXVWLFH ,O LQVpUDLW
HQVXLWH GDQV VD SULqUH XQ GpQRPEUHPHQW GH WRXWHV OHV YHUWXV SURSUHV j XQ URL HQ
FRQWLQXDQW DLQVL  3DUFH TX
LO HVW PDvWUH GH OXLPrPH PDJQDQLPH ELHQIDLVDQW GRX[
HQYHUV OHV DXWUHV HQQHPL GX PHQVRQJH  VHV SXQLWLRQV Q
pJDOHQW SRLQW OHV IDXWHV HW VHV
UpFRPSHQVHV SDVVHQW OHV VHUYLFHV $SUqV DYRLU GLW SOXVLHXUV FKRVHV VHPEODEOHV LO
FRQGDPQDLW OHV PDQTXHPHQWV R OH URL pWDLW WRPEp SDU LJQRUDQFH ,O HVW YUDL TX
LO HQ
GLVFXOSDLW OH URL PrPH PDLV LO FKDUJHDLW G
H[pFUDWLRQV OHV IODWWHXUV HW WRXV FHX[ TXL OXL
GRQQDLHQW GH PDXYDLV FRQVHLOV /H *UDQG 3UrWUH HQ XVDLW GH FHWWH PDQLqUH SDUFH TXH OHV
DYLVPrOpVGHORXDQJHVVRQWSOXVHIILFDFHVTXHOHVUHPRQWUDQFHVDPqUHVSRXUSRUWHUOHV
URLV j OD FUDLQWH GHV GLHX[ HW j O
DPRXU GH OD YHUWX(QVXLWHGHFHODOHURLD\DQWVDFULILp
HW FRQVXOWp OHV HQWUDLOOHV GH OD YLFWLPH OH OHFWHXU GHV OLYUHV VDFUpV OXL OLVDLW TXHOTXHV
DFWLRQV RX TXHOTXHV SDUROHV UHPDUTXDEOHV GHV JUDQGV KRPPHV  DILQ TXH OH VRXYHUDLQGH
OD UpSXEOLTXH D\DQW O
HVSULW SOHLQ G
H[FHOOHQWV SULQFLSHV HQ ILW XVDJH GDQV OHV RFFDVLRQV
TXL VH SUpVHQWHUDLHQW j OXL &H Q
pWDLHQW SDV VHXOHPHQW OHV WHPSV GH GRQQHU VHV
DXGLHQFHV HW GH UHQGUH VHV MXJHPHQWV TXL OXL pWDLHQW PDUTXpV  LO QH SRXYDLW DXVVL VH
SURPHQHU SUHQGUH OH EDLQ FRXFKHU DYHF VD IHPPH QL IDLUH TXRL TXH FH VRLW TX
j
FHUWDLQHV KHXUHV ,O QH GHYDLW VH QRXUULU TXH GH YLDQGHVVLPSOHV,OQ
\DYDLWTXHODFKDLU
GHYHDXHWGXFDQDUGTXLOXLIXVVHQWSHUPLVHVHWRQOXLGRQQDLWXQHPHVXUHGHYLQTXLQH
SRXYDLWO
HQLYUHUQLPrPHDIIDLEOLUWDQWVRLWSHXVRQMXJHPHQW(QILQWRXWFHTXLFRQFHUQH
OH UpJLPH pWDLW VL ELHQ RUGRQQp TX
RQ H€W SULV SOXW{W FHV UqJOHPHQWV SRXU OHV DYLV G
XQ
PpGHFLQ TXH SRXU OHV VWDWXWV G
XQ OpJLVODWHXU 0DLV V
LO HVW pWRQQDQW TX
XQ URL QH S€W
VXLYUHVRQDSSpWLWGDQVVHVUHSDVLOpWDLWGXPRLQVWUqVEHDXHWWUqVDYDQWDJHX[TX
LOQH
S€W VXLYUH QL VD SDVVLRQ QL  VD IDQWDLVLH GDQV OHV DIIDLUHV G
pWDW HW TXH GDQV VHV
MXJHPHQWVTX
LOUHQGDLWHWOHVSHLQHVTX
LOLPSRVDLWLOI€WDVWUHLQWjFHTXHOHVORLVDYDLHQW
RUGRQQp SRXU WRXWHV OHV FLUFRQVWDQFHV TX
HOOHV DYDLHQW SUpYXHV /HV URLV ELHQ ORLQ GH VH
VHQWLU JrQpV SDU FHV SUDWLTXHV WURXYDLHQW DX FRQWUDLUH TX
HOOHV OHXU SURFXUDLHQW XQH YLH
GRXFH HW KHXUHXVH FDU LOV pWDLHQW SHUVXDGpV TXH OHV KRPPHV GRQW ULHQ Q
DUUrWH OH
FDSULFH IRQW XQH LQILQLWp GH FKRVHV TXL OHXU QXLVHQW HW TXL OHV SHUGHQW /
DPRXU HW OD
KDLQH OHV SRXVVHQW PDOJUp HX[ j GHV DFWLRQV GRQW LOV pSURXYHQW HX[PrPHV OHV
PDXYDLVHV VXLWHV DX OLHX TXH FHX[ TXL VRQW DVVXMHWWLV DX FRQVHLO GHV VDJHV VRQW ELHQ
PRLQV H[SRVpV DX UHSHQWLU &HWWH FRQGXLWH GX SULQFH j O
pJDUG GH VHV VXMHWV OHXU GRQQDLW
SRXU OXL XQH DIIHFWLRQ HW  XQH WHQGUHVVH TXH QH IRUPH SRLQW OD SOXV pWURLWH SDUHQWp &DU
QRQ VHXOHPHQW OHV SUrWUHV PDLV WRXW FH TX
LO \ DYDLW G
KRPPHV GDQV O
eJ\SWH QH
V
LQWpUHVVDLHQW SRLQW DYHF WDQW G
DUGHXU j OHXUV IHPPHV j OHXUV HQIDQWV HW j OHXUV ELHQV
TX
j OD YLH HW j OD V€UHWp GX URL 7DQW TXH FHWWH IRUPH GH JRXYHUQHPHQW D VXEVLVWp OHV
URLV RQW FRQVHUYp OHXU pWDW GDQV VRQ HQWLHU HW VH VRQW SURFXUp j HX[PrPHV XQH YLH
WUDQTXLOOH,OVRQWVXEMXJXpSOXVLHXUVQDWLRQVHWDPDVVpGHJUDQGHVULFKHVVHV,OVRQWIDLW
IDLUHGDQVO
eJ\SWHWRXWHVRUWHGHWUDYDX[XWLOHVHWRQWUHPSOLOHVYLOOHVG
RUQHPHQWVHWGH
FRPPRGLWpV
;;,,,'HXLOGHVeJ\SWLHQVjODPRUWGHVURLV
/(6 PRQXPHQWV TX
RQ D GUHVVpV HQ OHXU PpPRLUH DSUqV OHXU PRUW VRQW XQ WpPRLJQDJH
FHUWDLQGHO
DPRXUTXHOHVSHXSOHVDYDLHQWSRXUHX[&DUULHQQ
HVWPRLQVpTXLYRTXHTXH
OHV PDUTXHV GH UHFRQQDLVVDQFH GRQQpHV jFHX[TXLQHSHXYHQWSOXVOHVVHQWLU$ODPRUW
G
XQURLWRXWHO
eJ\SWHHQWUDLWHQGHXLORQGpFKLUDLWOHVKDELWVRQIHUPDLWOHVWHPSOHVRQ
VXVSHQGDLW OHV VDFULILFHV RQ FHVVDLW OHV IrWHV SHQGDQW VRL[DQWH HW GRX]H MRXUV 'HV
KRPPHV HW GHV IHPPHV DX QRPEUH GH GHX[ RX WURLV FHQWV OD WrWH FRXYHUWH GH ERXH HW
FHLQWVG
XQOLQJHVXUODSRLWULQHIDLVDLHQWGHX[IRLVSDUMRXUGHVODPHQWDWLRQVHQPXVLTXH
TXL FRQWHQDLHQW OHV YHUWXV HW OHV ORXDQJHV GX PRUW ,OV QH PDQJHDLHQW SHQGDQWFHWHPSV
QL YLDQGH QL SDLQ GH IURPHQW  HW LOV V
DEVWHQDLHQW GX YLQ HW GH WRXW FH TXL SHXW IODWWHU OH
JR€W 3HUVRQQH Q
H€W RVp SUHQGUH OH EDLQ QL XVHU GH SDUIXPV QL FRXFKHU PROOHPHQW 2Q
V
LQWHUGLVDLW WRXW FRPPHUFH DYHF OHV IHPPHV HW FKDFXQ SDVVDLW FH QRPEUH GH MRXUV GDQV
XQHDIIOLFWLRQHWXQHGRXOHXUVHPEODEOHjFHOOHTXLVXLWODPRUWG
XQILOVWHQGUHPHQWFKpUL
,OVSUpSDUDLHQWSHQGDQWWRXWFHWHPSVGHPDJQLILTXHVIXQpUDLOOHVHWDXGHUQLHUMRXUD\DQW
SRUWp OH FHUFXHLO j O
HQWUpH GX WRPEHDX RQ WHQDLW FRQIRUPpPHQW j OD ORL XQH DXGLHQFH
SXEOLTXH SRXU UHFHYRLU WRXWHV OHV DFFXVDWLRQV HW WRXWHV OHV SODLQWHV TX
RQ YRXGUDLW IDLUH
FRQWUH OH URL /HV SUrWUHV OH ORXDLHQW G
DERUG HQ UDFRQWDQW OHV ERQQHV DFWLRQV TX
LO DYDLW
IDLWHVHWODPXOWLWXGHLQQRPEUDEOHTXLDYDLWVXLYLOHFRQYRLUpSRQGDLWDX[SUrWUHVSDUGHV
DFFODPDWLRQV VL OH URL DYDLW ELHQ YpFX PDLV LO V
H[FLWDLW XQ JUDQG PXUPXUH V
LO DYDLWPDO
JRXYHUQp  ,O HVW DUULYp j TXHOTXHV URLV G
rWUH SULYpV G
XQH VpSXOWXUH KRQRUDEOH VXU OD
GpFLVLRQ GX SHXSOH FRPPH DX FRQWUDLUH LO HVW DUULYp j OD SOXSDUW G
HQWUH HX[ GH VH
FRQGXLUH VDJHPHQW QRQ VHXOHPHQW SDU WRXWHV OHV SUpFDXWLRQV TXH OHV ORLV DYDLHQW SULVHV
SRXU OHXU IDLUH WHQLU OD ERQQH YRLH SHQGDQW OHXU YLH PDLV HQFRUH SDU OD VHXOH YXH GH OD
KRQWH TX
LOV DYDLHQW j FUDLQGUH DSUqV OHXU PRUW HW GH O
LQIDPLH pWHUQHOOH TXH OH MXJHPHQW
SRUWp VXU OHXU FRUSV SRXYDLW DWWDFKHU j OHXU QRP 9RLOj OHV SULQFLSDX[ UqJOHPHQWV GH
O
DQFLHQQHeJ\SWHjO
pJDUGGHVURLV
;;,9 3URYLQFHV RX QRPHV GH O
eJ\SWH 'LVWULEXWLRQ GH VHV UHYHQXV HQWUH OH URL OHV
SUrWUHVHWOHVVROGDWV
7287( O
eJ\SWH DYDLW pWp GLVWULEXpH HQ SOXVLHXUV SURYLQFHV TXH OHV *UHFV RQW DSSHOpHV
QRPHV GDQV OHXU ODQJXH HW GRQW FKDFXQH pWDLW UpJLH SDU XQ QRPDUTXH RX JRXYHUQHXU
SDUWLFXOLHU 0DLV SDU XQ DXWUH SDUWDJH WRXW pWDLW GLYLVp HQ WURLV SRUWLRQV /D SUHPLqUH
DSSDUWHQDLWDXFROOqJHGHVSUrWUHVTXLpWDLHQWGDQVXQHYpQpUDWLRQVLQJXOLqUHVRLWSDUOH
UHVSHFWTXHO
RQSRUWDLWDX[GLHX[GRQWLOVpWDLHQWOHVPLQLVWUHVVRLWSDUODVDJHVVHHWSDU
OHV OXPLqUHV TX
LOV DYDLHQW SXLVpHV GDQV XQH pGXFDWLRQ WUqV GLVWLQJXpH /HXU UHYHQX HVW
HPSOR\p DX[ IUDLV GH WRXV VDFULILFHV TXL VH IRQW GDQV O
eJ\SWH j O
HQWUHWLHQ GHV RIILFLHUV
VXEDOWHUQHVGRQWLOVRQWEHVRLQHWjODVXEVLVWDQFHGHOHXUSURSUHIDPLOOH/HVeJ\SWLHQV
FUR\DLHQW TXH OHV GLHX[ GHYDLHQW rWUH VHUYLV SDU GHV SHUVRQQHV FRQVDFUpHV j HX[ HW TX
LO
QHIDOODLWMDPDLVFKDQJHUOHXUFXOWHHWLOVQHYRXODLHQWSDVG
XQDXWUHF{WpTXHFHX[GRQW
OHV FRQVHLOV pWDLHQW XWLOHV j WRXW OH PRQGH PDQTXDVVHQW GH ULHQ SRXU HX[PrPHV (Q
HIIHW OHV SUrWUHV pWDLHQW WRXMRXUV DWWDFKpV j OD SHUVRQQH GX URL SRXU O
DLGHU GH OHXUV
LQVWUXFWLRQV HW GH OHXUV DYLV HW VRXYHQW PrPH GH OHXUV VRLQV HW GH OHXUV SHUVRQQHV GDQV
OHV DIIDLUHV LPSRUWDQWHV ,OV OXL GpFRXYUDLHQW O
DYHQLU TX
LOV FRQQDLVVDLHQW FRPPH
DUXVSLFHVHWFRPPHDVWURORJXHVHWLOVWLUDLHQWGHV$QQDOHVVDFUpHVOHVIDLWVTXLSRXYDLHQW
OXL VHUYLU G
H[HPSOHV $LQVL FH Q
HVW SDV FRPPH FKH] OHV *UHFV XQ VHXO KRPPH RX XQH
VHXOHIHPPHTXLHVWUHYrWXHGXVDFHUGRFHPDLVF
HVWXQHVRFLpWpGHSOXVLHXUVSHUVRQQHV
TXL WUDQVPHWWHQW j OHXUV GHVFHQGDQWV OD VFLHQFH HW OD SUDWLTXH GX FXOWH GHV GLHX[
'
DLOOHXUV LOV VRQW H[HPSWV GH WRXWH FKDUJH HW LOV VRQW SDU OHXU UDQJ HW SDU OHXUFUpGLWOHV
SUHPLHUV GX UR\DXPH DSUqV OH URL /D VHFRQGH SDUW GH O
eJ\SWH DSSDUWHQDLW DX[ URLV ,OV
HQ WLUDLHQW WRXW FH TXL OHXU pWDLW QpFHVVDLUH SRXU OD JXHUUH HW SRXU VRXWHQLU OHXU GLJQLWp
(OOH OHXU VXIILVDLW PrPH SRXU UpFRPSHQVHU FHX[ TXL V
pWDLHQW GLVWLQJXpV SDU OHXU PpULWH
SDU OHXUV VHUYLFHV GH VRUWH TX
LOV Q
DYDLHQW MDPDLV EHVRLQ G
DFFDEOHU OH SHXSOH G
LPS{WV
/DWURLVLqPHpWDLWSRXUO
pWDWPLOLWDLUHHWSRXUWRXVFHX[TXLVRQWVXMHWVDX[FRQYRFDWLRQV
HQ WHPSV GH JXHUUH DILQ TX
pWDQW OLpV j OD SDWULH SDU OHXU SURSUH ELHQ LOV V
H[SRVDVVHQW
SOXV YRORQWLHUV DX[ SpULOV HW DX[ WUDYDX[ DWWDFKpV j OHXU SURWHFWLRQ (Q HIIHW LO QH SDUDvW
SDV \ DYRLU GHODSUXGHQFHjFRQILHUODJDUGHHWODV€UHWpG
XQSD\VjGHVJHQVTXLQ
RQW
DXFXQ LQWpUrW SHUVRQQHO j OH GpIHQGUH 0DLV OH EXW SULQFLSDO GX OpJLVODWHXU j FHW pJDUG
DYDLW pWp GH IDFLOLWHU OH PDULDJH DX[ VROGDWV DILQ TXH O
pWDW PLOLWDLUH V
HQWUHWHQDQW SDU FH
PR\HQ O
eJ\SWH Q
H€W MDPDLV EHVRLQ GH WURXSHV pWUDQJqUHV 2Q D REVHUYp TXH FHV
HQIDQWV pOHYpV SDU OHXUV SqUHV GDQV OH PpWLHU GHV DUPHV HW SOHLQV G
pPXODWLRQ SRXU OHV
DFWLRQV TX
LOV OHXU DYDLHQW YX IDLUH VH VLJQDODLHQW GH ERQQH KHXUH SDU OHXU FRXUDJH HW
PrPHSDUOHXUH[SpULHQFH
;;9/HSHXSOHSDUWDJpHQWURLVFODVVHV
/( &20081 GHV KDELWDQWVHVWGLYLVpHQWURLVFODVVHVOHVODERXUHXUVOHVSDVWHXUVHWOHV
DUWLVDQV/HVODERXUHXUVSUHQQHQWSRXUXQWHPSVjXQSUL[PRGLTXHOHVWHUUHVGXURLRX
GHV SUrWUHV RX GHV VROGDWV HW HPSORLHQW WRXW FH WHPSV j OHV FXOWLYHU eWDQW QpV GDQV FHV
H[HUFLFHV LOV VDYHQW PLHX[ O
DJULFXOWXUH TX
RQ QH OD VDLW SDUWRXW DLOOHXUV ,OV FRQQDLVVHQW
SDUIDLWHPHQW OD QDWXUH GHV WHUUHV OHV WHPSV GHV GpERUGHPHQWV GX 1LO OD VDLVRQ SURSUH
DX[VHPDLOOHVDX[PRLVVRQVHWDX[WUDQVSRUWVGHVGHQUpHVVRLWSDUOHVLQVWUXFWLRQVTX
LOV
RQW UHoXHV GH OHXUV SqUHV VRLW SDU OHV pSUHXYHV TX
LOV RQW IDLWHV HX[PrPHV ,O HQ HVW
DLQVL GHV SDVWHXUV TXL RQW UHoX GH OHXUV SDUHQWV FRPPH SDU KpULWDJH OD FRQQDLVVDQFH GH
WRXW FH TXL UHJDUGH OHV WURXSHDX[ TXL O
RQW FXOWLYpH SDU XQH ORQJXH KDELWXGH HW TXL GH
SOXV LQYHQWHQW VRXYHQW GHV PDQLqUHV QRXYHOOHV G
DXJPHQWHU OHV SURILWV TX
RQ SHXW WLUHU
GHV EHVWLDX[ &H TX
LO \ D GH SOXV SDUWLFXOLHU HVW TXH FHX[ TXL pOqYHQW GHV RLVHDX[ GH
EDVVHFRXU WURXYHQW SDU OHXU DSSOLFDWLRQ HW SDU OHXU LQGXVWULH GHV PR\HQV GH OHV IDLUH
PXOWLSOLHUWRXWDXWUHVTXHOHVYRLHVRUGLQDLUHVTX
LOVHPEOHTXHODQDWXUHDLWpWDEOLHVSRXU
FHW HIIHW &DU DX OLHX GH ODLVVHU FRXYHU OHV °XIV SDU OHV RLVHDX[ PrPHV TXL OHV RQW
SRQGXV LOV RQW OD SDWLHQFH GH OHV IDLUH pFORUH HQ OHV pFKDXIIDQW GDQV OHXUV PDLQV 3DU Oj
LOV DYDQFHQW O
RXYUDJH GH OD QDWXUH HW LOV DXJPHQWHQW FRQVLGpUDEOHPHQW VHV SURGXFWLRQV
0DLVULHQQ
HVWSOXVDGPLUDEOHTXHO
XWLOLWpHWODSHUIHFWLRQGHVDUWVTXLV
H[HUFHQWFKH]OHV
eJ\SWLHQV &
HVW OH VHXO SD\V GX PRQGH R FHX[ TXL VRQW QpV GDQV XQH SURIHVVLRQ HW TXL
SRXU DLQVL GLUH O
RQW UHoXH GHV ORLV QH OD TXLWWHQW MDPDLV SRXU HQ H[HUFHU XQH DXWUH GH
VRUWH TXH QL OHV MDORXVLHV GRPHVWLTXHV QL OHXU DPELWLRQ SDUWLFXOLqUH QH OHV WLUHQW MDPDLV
GH OD SURIHVVLRQ SDWHUQHOOH 2Q YRLW IRUW VRXYHQW FKH] OHV DXWUHV SHXSOHV TXH OHV MHXQHV
JHQV SDU OpJqUHWp G
HVSULW RX SDU HQYLH GH JDJQHU GDYDQWDJH VH GpJR€WHQW GH OD
SURIHVVLRQGHOHXUVSDUHQWVRXV
DSSOLTXHQWjGLYHUVHVFKRVHVjODIRLV&HX[TXLVRQWQpV
ODERXUHXUV YHXOHQW GHYHQLU PDUFKDQGV RX rWUH PrPH OHV GHX[ HQVHPEOH 'DQV OHV pWDWV
SRSXODLUHV OHV SOXV YLOV RXYULHUV FRXUHQW DX[ DVVHPEOpHV SXEOLTXHV TX
LOV UHPSOLVVHQW GH
WXPXOWHJDJQpVODSOXSDUWGXWHPSVSDUO
DUJHQWGHTXHOTXHVKRPPHVPDOLQWHQWLRQQpV
0DLV FKH] OHV eJ\SWLHQV VL TXHOTXH DUWLVDQ VH PrODLW GHV DIIDLUHV G
pWDW TXLWWDLW VD
SURIHVVLRQSRXUHQSUHQGUHXQHDXWUHRXHQYRXODLWH[HUFHUSOXVG
XQHLOpWDLWJULqYHPHQW
SXQL3DUFHWWHSROLFHO
DQFLHQQHeJ\SWHPDLQWHQDLWVDGLVWLQFWLRQHQWUHOHVRUGUHVGHO
pWDW
HWODSHUIHFWLRQHQFKDFXQG
HX[
;;9,([HUFLFHGHODMXVWLFHFKH]OHVeJ\SWLHQV
/$ 9,*,/$1&( GHV eJ\SWLHQV pWDLW H[WUrPH HQ PDWLqUH GH MXVWLFH ,OV pWDLHQW SHUVXDGpV
TXHODPDQLqUHGHODUHQGUHpWDLWOHVRXWLHQRXODUXLQHGHODVRFLpWp/
H[DFWLWXGHjSXQLU
OHV FULPHV HW OD SURWHFWLRQ RXYHUWH GH O
LQQRFHQFH VRQW OHV IUHLQV OHV SOXV IRUWV SRXU
FRQWHQLU OHV VFpOpUDWV 0DLV GqV TXH O
RQ SHXW pOXGHU OHV PHQDFHV GH OD MXVWLFH SDU OHV
SUpVHQWV HW SDU OHV EULJXHV LO Q
\ D SOXV GH V€UHWp GDQV XQ pWDW $LQVL OHV eJ\SWLHQV
FKRLVLUHQW OHV SOXV KRPPHV GH ELHQ GH OHXUV SULQFLSDOHV YLOOHV FRPPH G
+pOLRSROLV GH
7KqEHVHWGH0HPSKLVSRXUFRPSRVHUXQHFRXUGHMXVWLFHTXLQHFpGDLWSRLQWjO
DUpRSDJH
G
$WKqQHVQLDXVpQDWGH/DFpGpPRQH,OVpWDLHQWDXQRPEUHGHWUHQWHHWDSUqVDYRLUpOX
OH SOXV YHUWXHX[ G
HQWUH HX[ SRXU SUpVLGHU j OHXUV MXJHPHQWV LOV DSSHODLHQW XQ KRPPH
GHV YLOOHV TXH QRXV DYRQV QRPPpHV SRXU UHPSOLU WRXMRXUV OH QRPEUH GH WUHQWH VDQV
FRPSWHU OHXU FKHI /H URL IRXUQLVVDLW j FHV MXJHV WRXW FH TXL pWDLW QpFHVVDLUH SRXU OHXU
HQWUHWLHQPDLVODSHQVLRQDVVLJQpHDXFKHIGHODMXVWLFHpWDLWEHDXFRXSSOXVFRQVLGpUDEOH
TXHFHOOHGHVDXWUHV,OSRUWDLWjVRQFRXXQHFKDvQHG
RURSHQGDLWXQHILJXUHFRPSRVpH
GH SOXVLHXUV SLHUUHV SUpFLHXVHV TXL UHSUpVHQWDLW OD YpULWp /HV MXJHV Q
DOODLHQW SRLQW DX[
DYLVTXHOHXUFKHIQ
H€WSULVHQPDLQFHWWHILJXUH2QRXYUDLWGHYDQWHX[OHVKXLWYROXPHV
TXLFRQWHQDLHQWOHVORLVHWDORUVO
DFFXVDWHXUSUpVHQWDLWXQpFULWGDQVOHTXHOpWDLWH[SRVpH
ODQDWXUHGXFULPHTX
LOGpQRQoDLWDX[MXJHVRXODTXDOLWpGHO
LQMXUHTX
LOSUpWHQGDLWDYRLU
UHoXH /
DFFXVp D\DQW SULV HW OX FHW pFULW UpSRQGDLW TX
LO Q
DYDLW SDV IDLW OD FKRVH RX TXH
O
D\DQWIDLWHLOQ
DYDLWSDVFRPPLVXQHLQMXVWLFHRXHQILQTXHV
LOHQDYDLWFRPPLVXQHHOOH
QH PpULWDLW SDV OD SXQLWLRQ TXH O
DFFXVDWHXU GHPDQGDLW /
DFFXVDWHXU VRXWHQDLW SDU XQH
UpSOLTXH FH TX
LO DYDLW DYDQFp HW O
DFFXVp GRQQDLW HQFRUH VD GpIHQVH 4XDQG WRXWHV FHV
SLqFHV DYDLHQW pWp UHPLVHV DX[ WUHQWH MXJHV LO IDOODLW TX
LOV VH FRPPXQLTXDVVHQW OHXUV
DYLV (Q VXLWH GH TXRL OH FKHI GH OD MXVWLFH WRXFKDLW DYHF OD ILJXUH GH OD YpULWp XQH GHV
GHX[ SDUWLHV SRXU PDUTXH TX
HOOH DYDLW JDJQp VD FDXVH &
HVW DLQVL TXH WRXV OHV
MXJHPHQWV VH UHQGDLHQW FKH] OHV eJ\SWLHQV SDUFH TX
LOV FUR\DLHQW TXH OHV GLVFRXUV GHV
DYRFDWV QH VHUYHQW TX
j REVFXUFLU OD YpULWp /HV ILJXUHV GH UKpWRULTXH DXVVL ELHQ TXH OD
FRQWHQDQFHK\SRFULWHRXOHVODUPHVGHFHX[TXLSODLGHQWRQWIDLWVRXYHQWRXEOLHUOHVORLV
HW OHV FULPHV OHV SOXV DYpUpV RQW pFKDSSp SOXV G
XQH IRLV j OD MXVWLFH SDU OHV FKDUPHV
WURPSHXUV G
XQH GpFODPDWLRQ WRXFKDQWH /HV eJ\SWLHQV pYLWDLHQW FH SLqJH HQ IDLVDQW
PHWWUH WRXV OHV SURFqV SDU pFULW HW pJDODLHQW SDU Oj O
KRPPH VLPSOH HW GpQXp GHV
DYDQWDJHV GH O
HVSULW HW GX FRUSV j O
RUDWHXU OH PLHX[ IDLW OH SOXV GLVHUW HW OH SOXV KDUGL
$ILQTXHSHUVRQQHQ
H€WOLHXGHVHSODLQGUHRQGRQQDLWXQWHPSVVXIILVDQWjO
DFFXVDWHXU
HW j O
DFFXVp SRXU GUHVVHUOHXUVDFWHVDXVVLELHQTX
DX[MXJHVSRXUOHVH[DPLQHU0DLVj
O
RFFDVLRQGHORLVGHO
eJ\SWHLOQHVHUDSDVKRUVGHSURSRVGHUDSSRUWHULFLFHOOHVTXLVRQW
UHPDUTXDEOHVSDUOHXUDQWLTXLWpRXSDUOHXUVLQJXODULWpRXSDUTXHOTXHDXWUHFLUFRQVWDQFH
XWLOHRXFXULHXVHSRXUOHVOHFWHXUV
;;9,,'pWDLOVGHVORLVGHO
eJ\SWHHQPDWLqUHFULPLQHOOH
35(0,Ê5(0(17 OH SDUMXUH pWDLW LUUpPLVVLEOHPHQW SXQL GH PRUW SDUFH TX
LOV \ FUR\DLHQW
YRLUGHX[GHVSOXVJUDQGVFULPHVGXPRQGHO
XQHVWFHOXLG
LQVXOWHUOHVGLHX[HWO
DXWUH
FHOXL GH GpWUXLUH OH SOXV IHUPH IRQGHPHQW GH OD IRL KXPDLQH 6HFRQGHPHQW RQ SXQLVVDLW
GH PRUW FHOXL TXL UHQFRQWUDLW HQ VRQ FKHPLQ j OD FDPSDJQH XQ KRPPH TX
RQ YRXODLW
WXHURXjTXLO
RQIDLVDLWTXHOTXHRXWUDJHHWTXLQHVHGpIHQGDLWSDVOHSRXYDQWIDLUH6
LO
pWDLWYUDLTX
LOQ
H€WSXOHGpIHQGUHLOGHYDLWGpFODUHUOHVYROHXUVVHORQOHVLQGLFHVTX
LOHQ
DYDLWHXVHWOHVSRXUVXLYUHHQVRQSURSUHQRPRXELHQLOHVVX\DLWXQFHUWDLQQRPEUHGH
FRXSV GH IRXHW PDUTXp SDU OD ORL HW RQ OH IDLVDLW SDVVHU WURLV MRXUV VDQV PDQJHU
7URLVLqPHPHQW OHV DFFXVDWHXUV FRQYDLQFXV GH FDORPQLH VXELVVDLHQW OD SHLQH DWWDFKpH DX
FULPH TX
LOV DYDLHQW IDXVVHPHQW GpQRQFp 4XDWULqPHPHQW LO pWDLW HQMRLQW j WRXV OHV
eJ\SWLHQV GH GpFODUHU OHXU QRP OHXU SURIHVVLRQ HW OHXUV UHYHQXV DX[ PDJLVWUDWV HW O
RQ
FRQGDPQDLW j OD PRUW FHOXL TXL IDLVDLW XQH IDXVVH GpFODUDWLRQ RX TXL H[HUoDLW XQ PpWLHU
LOOLFLWH 2Q GLW TXH 6RORQ pWDQW YHQX HQ eJ\SWH \ SULW FHWWH ORL TX
LO pWDEOLW j $WKqQHV
&LQTXLqPHPHQW RQ pWDLWSXQLGHPRUWSRXUDYRLUWXpYRORQWDLUHPHQWXQKRPPHRXOLEUH
RX HVFODYH OHV ORLV YRXODQW TXH OD YLH GHV KRPPHV GpSHQGvW GH OHXU FRQGXLWH HW QRQ GH
OHXU FRQGLWLRQ HW VRXKDLWDQW G
DLOOHXUV TXH OHV FLWR\HQV V
DFFRXWXPDVVHQW SDU OHV pJDUGV
TX
LOV DXUDLHQW SRXU OHV HVFODYHV j QH SRLQW RIIHQVHU OHV SHUVRQQHV OLEUHV 2Q QH IDLVDLW
SDVPRXULUOHVSDUHQWVTXLDYDLHQWWXpOHXUVHQIDQWVPDLVRQOHXUIDLVDLWWHQLUOHXUVFRUSV
HPEUDVVpV WURLV MRXUV HW WURLV QXLWV GH VXLWH DX PLOLHX GH OD JDUGH SXEOLTXH TXL OHV
HQYLURQQDLW /HV eJ\SWLHQV FUR\DLHQW TXH OHV SDUHQWV D\DQW GRQQp OD YLH j OHXUV HQIDQWV
GHYDLHQWrWUHH[HPSWVGHODSXQLWLRQFRPPXQHGHVKRPLFLGHVPDLVHQPrPHWHPSVLOV
YRXODLHQW HPSrFKHU FHV VRUWHV G
DFWLRQV SDU OD FUDLQWH G
XQH SHLQH pJDOHPHQW UXGH HW
KRQWHXVH ,OV DYDLHQW LQYHQWp XQ VXSSOLFH H[WUDRUGLQDLUH SRXU OHV HQIDQWV TXL WXHUDLHQW
OHXUV SqUHV FDU OHXU D\DQW IDLW HQWUHU GDQV WRXWHV OHV SDUWLHV GX FRUSV GHV EULQV GH
FKDXPHGHODORQJXHXUGXGRLJWLOVOHVIDLVDLHQWEU€OHUYLIVVXUGHVpSLQHV,OVUHJDUGDLHQW
DYHF UDLVRQ FRPPH OH SOXV JUDQG GHV FULPHV FHOXL G
{WHU OD YLH j FHX[ GRQW RQ O
DYDLW
UHoXH 6L[LqPHPHQW RQ DWWHQGDLW TXH OHV IHPPHV HQFHLQWHV FRQYDLQFXHV GH TXHOTXHV
FULPHVIXVVHQWDFFRXFKpHVSRXUOHVFRQGXLUHDXVXSSOLFH/DSOXSDUWGHV*UHFVRQWDGRSWp
FHWWHORLQHFUR\DQWSRLQWTX
LOI€WSHUPLVGHSXQLUGHX[SHUVRQQHVG
XQFULPHFRPPLVSDU
XQH VHXOH QL G
HQYHORSSHU XQ HQIDQW LQQRFHQW HW VDQV FRQQDLVVDQFH GDQV OD SXQLWLRQ
G
XQHPqUHYRORQWDLUHPHQWFRXSDEOHQLHQILQGHSULYHUOHSqUHG
XQILOVTXLOXLDSSDUWLHQW
FRPPH j OD PqUH (Q XQ PRW F
HVW rWUH DXVVL PDXYDLV MXJH GH IDLUH PRXULU FHX[ TXL QH
O
RQWSDVPpULWpTXHGHVDXYHUFHX[GRQWODMXVWLFHGHPDQGHODPRUW&HVRQWOjOHVORLV
SULQFLSDOHVGHVeJ\SWLHQVHQPDWLqUHFULPLQHOOHÈO
pJDUGGHODGLVFLSOLQHPLOLWDLUHF
pWDLW
OD GHUQLqUH LQIDPLH TX
RQ DYDLW DWWDFKpH j OD OkFKHWp RX j OD GpVREpLVVDQFH GH FHX[ TXL
TXLWWHUDLHQW OHXUV UDQJV RX TXL Q
H[pFXWHUDLHQW SDV OHV RUGUHV GH OHXUV JpQpUDX[
&HSHQGDQW V
LOV UpSDUDLHQW OHXUV IDXWHV SDU GHV DFWLRQV GH YLJXHXU OD WDFKH pWDLW DXVVLW{W
HIIDFpH/HOpJLVODWHXUDYRXOXSDUOjIDLUHHQWHQGUHTXHODKRQWHHVWSLUHTXHODPRUWHWLO
DFUXHQPrPHWHPSVTX
LOYDODLWPLHX[H[FLWHUOHVPDXYDLVVROGDWVSDUO
HQYLHGHUpWDEOLU
OHXUKRQQHXUTXHGHOHVUHQGUHHQWLqUHPHQWLQXWLOHVSDUODSHUWHGHOHXUYLH2QFRXSDLWOD
ODQJXHjFHX[TXLGpFRXYUDLHQWDX[HQQHPLVTXHOTXHVVHFUHWVGHO
pWDWHWOHVGHX[PDLQV
j FHX[ TXL DYDLHQW IDLW GH OD IDXVVH PRQQDLH RX TXL DYDLHQW XVp GH IDX[ SRLGV HW GH
IDXVVHV PHVXUHV RX TXL DYDLHQW FRQWUHIDLW OH VFHDX GX SULQFH RX GHV SDUWLFXOLHUV 2Q
WUDLWDLW GH PrPH OHV pFULYDLQV SXEOLFV TXL DYDLHQW VXSSRVp GH IDXVVHV SLqFHV RX TXL
DYDLHQW LQVpUp RX VXSSULPp TXHOTXHV DUWLFOHV GDQV OHV DFWHV TX
LOV DYDLHQW FRSLpV $LQVL
FKDFXQ pWDLW SXQL SDU OD SDUWLH TXL DYDLW pWp O
LQVWUXPHQW GH VRQ FULPH HW O
H[HPSOH G
XQ
FKkWLPHQW GRQW RQ VH VHQWDLW WRXWH VD YLH GpWRXUQDLW WRXW OH PRQGH GHV DFWLRQV SDU
OHVTXHOOHV RQ VH O
pWDLW DWWLUp /HV ORLV TXL FRQFHUQDLHQW OHV IHPPHV pWDLHQW H[WUrPHPHQW
VpYqUHV 2Q UHQGDLW HXQXTXH FHOXL TXL DYDLW YLROp XQH IHPPH OLEUH &HWWH DFWLRQ OHXU
SDUDLVVDLW FRQWUDLUH j OD VRFLpWp SDU WURLV HQGURLWV  HOOH HQIHUPH XQH JUDQGH LQVXOWH HOOH
RXYUH OD SRUWH j OD FRUUXSWLRQ HW HOOH MHWWH GH OD FRQIXVLRQ HW GH O
LQFHUWLWXGH GDQV OD
QDLVVDQFHGHVHQIDQWV0DLVVLO
DGXOWqUHV
pWDLWFRPPLVGHSOHLQJUpGHSDUWHWG
DXWUHRQ
GRQQDLW PLOOH FRXSV GH YHUJHV j O
KRPPH HW O
RQ FRXSDLW OH QH] j OD IHPPH &DU LOV
HVWLPDLHQWTX
LOIDOODLWGpWUXLUHHQHOOHODEHDXWpGRQWHOOHDYDLWDEXVpSRXUOHFULPH
;;9,,,/RLVG
eJ\SWHHQPDWLqUHFLYLOH
21&52,7TXHOHVORLVTXLUHJDUGHQWOHFRPPHUFHVRQWGH%RFFKRULV(OOHVRUGRQQHQWTXH
FHOXL TXL QLH GH GHYRLU XQ DUJHQW TX
LO D HPSUXQWp VDQV ELOOHW VRLW GpFKDUJp GH VD GHWWH
VXU VRQ VHUPHQW &HWWH SUDWLTXH DYDLW UHQGX OH VHUPHQW UHVSHFWDEOH ,O HVW j SUpVXPHU
TX
XQ KRPPH SHUVXDGp TX
LO SHUGUD WRXWH FUpDQFH HQ MXUDQW IDX[ QH VH IHUD SRLQW j OXL
PrPHXQVLJUDQGWRUW'
DLOOHXUVODSHQVpHGXOpJLVODWHXUDYDLWpWpG
LQYLWHUOHVKRPPHV
j VH GRQQHU SDU OHXUV P°XUV HW SDU OHXU FRQGXLWH OD UpSXWDWLRQ GH SURELWp DILQ TXH OHXU
VHUPHQWH€WSOXVGHIRUFHFDUHQILQRQQHSHXWV
HPSrFKHUG
DMRXWHUIRLjODSURWHVWDWLRQ
VROHQQHOOHG
XQKRPPHTX
RQQ
DSRLQWWURXYpPHQWHXUGDQVOHFRPPHUFHRUGLQDLUHGHOD
YLHÈO
pJDUGGHFHX[TXLSUrWDLHQWSDUELOOHWLOQHOHXUpWDLWSRLQWSHUPLVGHIDLUHPRQWHU
OHV LQWpUrWV SOXV KDXW TXH OH FDSLWDO 2Q SRXYDLW IDLUH VDLVLU OHV ELHQV GH VHV GpELWHXUV
SRXU VH IDLUH SD\HU PDLV LO Q
\ DYDLW MDPDLV GH SULVH GH FRUSV SRXU UDLVRQ GH GHWWH 2Q
FUR\DLW TXH OHV ELHQV DSSDUWHQDLHQW DX[ SDUWLFXOLHUV TXL HQ DYDLHQW KpULWp RX TXL OHV
DYDLHQWJDJQpVPDLVTXHOHVKRPPHVDSSDUWHQDLHQWjODSDWULHTXLGHYDLWVHXOHOHVDYRLU
HQ VD GLVSRVLWLRQ SRXU OHV EHVRLQV GH OD SDL[ HW GH OD JXHUUH ,O QH SDUDLVVDLW SDV MXVWH
TX
XQ VROGDW SDU H[HPSOH TXL V
H[SRVH DX[ FRXSV GHV HQQHPLV I€W HQFRUH VXMHW j OD
SRXUVXLWHG
XQFUpDQFLHUHWTXHO
DYDULFHG
XQVHXOFLWR\HQSUpYDO€WVXUO
XWLOLWpSXEOLTXH,O
VHPEOH TXH 6RORQ DYDLW HQ YXH FHWWH ORL TXDQG LO pWDEOLW j $WKqQHV OD 6LVDFKWLH TXL {WDLW
DX FUpDQFLHU OD FRQWUDLQWH SDU FRUSV HW O
RQ EOkPH DYHF UDLVRQ OD SOXSDUW GHV DXWUHV
OpJLVODWHXUV JUHFV TXL RQW GpIHQGX GH SUHQGUH HQ JDJH OHV DUPHV RX OD FKDUUXH G
XQ
KRPPH j TXL O
RQ SUrWH HW TXL SHUPHWWHQW GH SUHQGUH O
KRPPH PrPH SRXU H[LJHU VRQ
UHPERXUVHPHQW /HV eJ\SWLHQV DYDLHQW XQH ORL WUqV VLQJXOLqUH DX VXMHW GHV YROHXUV (OOH
RUGRQQDLWTXHFHX[TXLHQYRXGUDLHQWIDLUHOHPpWLHUVHILVVHQWLQVFULUHFKH]OHXUFDSLWDLQH
HW TXH O
RQ SRUWkW FKH] OXL VXUOHFKDPS WRXW FH TX
RQ GpUREHUDLW &HX[ TXL pWDLHQW YROpV
GHYDLHQW DOOHU WURXYHU FHW KRPPH SRXU OXL VLJQLILHU OD TXDOLWp HW OH QRPEUH GHV FKRVHV
TX
RQ OHXU DYDLW SULVHV HQ OXL PDUTXDQW OH OLHX HW OH WHPSV R OH YRO V
pWDLW IDLW /D FKRVH
SHUGXHVHUHWURXYDLWLPPDQTXDEOHPHQWSDUFHWWHYRLHHWO
RQGRQQDLWOHTXDUWGHVRQSUL[
SRXU OD UDYRLU /H OpJLVODWHXU SHQVDLW TXH QH SRXYDQW HPSrFKHU DEVROXPHQW OH YRO LO
GRQQDLW DX[ FLWR\HQV XQ H[SpGLHQW GH UHFRXYUHU FH TXL OHXU DSSDUWHQDLW SRXU XQH OpJqUH
FRQWULEXWLRQ
;;,;eGXFDWLRQGHVHQIDQWVHWVXUWRXWGHFHX[GHVSUrWUHV
/(6 SUrWUHV QH GRLYHQW DYRLU TX
XQH IHPPH PDLV LO HVW SHUPLV j WRXV OHV DXWUHV
eJ\SWLHQVG
HQSUHQGUHDXWDQWTX
LOVHQYHXOHQWSRXUYXTX
LOVpOqYHQWWRXVOHVHQIDQWVTXL
HQYLHQQHQW&HWWHORLIDYRULVHODPXOWLSOLFDWLRQGHVKDELWDQWVGRQWOHJUDQGQRPEUHHVWOD
SUHPLqUH VRXUFH GH OD IpOLFLWp GHV FDPSDJQHV HW GHV YLOOHV ,OV UHFRQQDLVVHQW WRXV OHV
HQIDQWVSRXUOpJLWLPHVHWFHX[PrPHVTXLVRQWQpVG
XQHHVFODYHDFKHWpHjSUL[G
DUJHQW
&DU LOV MXJHQW TXH OH SqUH VHXO HVW O
DXWHXU GH VHV HQIDQWV HW TXH OD PqUH OHXU SUrWH
VHXOHPHQW OH OLHX HW OD QRXUULWXUH 3DU XQH VHPEODEOH UDLVRQ HW WRXW DX FRQWUDLUH GHV
*UHFV LOV QRPPHQW DUEUHV PkOHV FHX[ TXL SRUWHQW GX IUXLW HW DUEUHV IHPHOOHV FHX[ TXL
Q
HQ SRUWHQW SRLQW ,OV pOqYHQW OHXUV HQIDQWV j WUqV SHX GH IUDLV HW GDQV XQH IUXJDOLWp
LQFUR\DEOH ,OV OHXU IRQW FXLUH TXHOTXHV KHUEHV GHV SOXV FRPPXQHV GH OD PRHOOH GX OLEHU
TX
RQPHWVRXVODFHQGUHRXELHQLOVOHXUGRQQHQWGHVFKRX[RXGHVUDFLQHVWDQW{WFUXHV
WDQW{WERXLOOLHVHWWDQW{WU{WLHV2QOHVIDLWDOOHUSLHGVQXVHWVRXYHQWPrPHRQOHVODLVVH
DOOHUWRXWQXVGDQVWRXWOHWHPSVGHOHXUHQIDQFHODFKDOHXUGXFOLPDWUHQGDQWOHVKDELWV
PRLQV QpFHVVDLUHV (QILQ RQ pOqYH XQ HQIDQW MXVTX
j VRQ DGROHVFHQFH VDQV TX
LO HQ FR€WH
HQ WRXW SOXV GH YLQJW GUDFKPHV &
HVW SDU Oj TXH OH SHXSOH GH O
eJ\SWH HVW HQ PrPH
WHPSV OH SOXV QRPEUHX[ HW OH SOXV FDSDEOH GH JUDQGV WUDYDX[ TXL VRLW DX PRQGH /HV
SUrWUHV LQVWUXLVHQW OHXUV HQIDQWV HQ GHX[ VRUWHV GH VFLHQFHV TXL RQW OHXUV FDUDFWqUHV RX
OHXUV OHWWUHV SDUWLFXOLqUHV VDYRLU OHV VFLHQFHV VDFUpHV HW OHV VFLHQFHV SURIDQHV PDLV LOV
OHXU IRQW DSSUHQGUH VXUWRXW OD JpRPpWULH HW O
DULWKPpWLTXH FDU FRPPH OH IOHXYH HQ VH
GpERUGDQWWRXVOHVDQVFKDQJHVRXYHQWODIDFHGHODFDPSDJQHHWFRQIRQGOHVOLPLWHVGHV
KpULWDJHVLOQ
\DTXHGHVJHQVKDELOHVGDQVO
DUWG
DUSHQWHUHWGHPHVXUHUOHVWHUUHVTXL
HQ DVVLJQDQW j FKDFXQ FH TXL OXL DSSDUWLHQW SXLVVHQW SUpYHQLU OHV SURFqV TXL QDvWUDLHQW
FRQWLQXHOOHPHQW HQWUH OHV YRLVLQV $LQVL O
DULWKPpWLTXH OHXU VHUW QRQ VHXOHPHQW SRXU OHV
VSpFXODWLRQV GH OD JpRPpWULH PDLV HQFRUH SRXU OHV EHVRLQV GH OD VRFLpWp FLYLOH (OOH HVW
DXVVL G
XQ JUDQG XVDJH SDUPL OHV DVWURORJXHV &DU ELHQ TXH OH JR€W GH O
DVWURORJLH VRLW
DVVH] JpQpUDO DXFXQ SHXSOH QH V
HVW SOXV DSSOLTXp TXH OHV eJ\SWLHQV j REVHUYHU OH
PRXYHPHQW HW OH FRXUV GHV DVWUHV /HV SUrWUHV DYDLHQW GHV WDEOHV DVWURQRPLTXHV
GUHVVpHV GHSXLV XQ WHPSV LPPpPRULDO HW O
DPRXU GH FHWWH VFLHQFH OHXU pWDLW FRPPH
KpUpGLWDLUH ,OV PDUTXDLHQW DX MXVWH OHV UpYROXWLRQV GHV SODQqWHV HW OHXUV PRXYHPHQWV
GLUHFWV VWDWLRQQDLUHV HW UpWURJUDGHV PDLV GH SOXV LOV pWXGLDLHQW OHXUV LQIOXHQFHV VXU OHV
rWUHV VXEOXQDLUHV HW GpWHUPLQDLHQW OHV ELHQV HW OHV PDX[ TXH OHXUV GLIIpUHQWV DVSHFWV
DQQRQoDLHQW DX[KRPPHV,OVRQWVRXYHQWUHQFRQWUpGDQVOHVSUpGLFWLRQVTX
LOVRQWIDLWHV
j GLYHUVHV SHUVRQQHV GH FH TXL OHXU GHYDLW DUULYHU DXVVL ELHQ TXH GHV DQQpHV
G
DERQGDQFH RX GH VWpULOLWp GHV PDODGLHV TXL PHQDoDLHQW OHV KRPPHV RX OHV DQLPDX[
GHV WUHPEOHPHQWV GH WHUUH HW GHV GpOXJHV RX HQILQ GH O
DSSDULWLRQ GHV FRPqWHV (Q XQ
PRW XQ ORQJ XVDJH OHXU DYDLW DSSULV OHV FKRVHV OHV SOXV pORLJQpHV GHV FRQQDLVVDQFHV
RUGLQDLUHV2QSUpWHQGPrPHTXHOHV&KDOGpHQVQ
RQWUHQGXOHVGLYLQDWLRQVDVWURORJLTXHV
VLFpOqEUHVj%DE\ORQHTXHSDUFHTX
LOVpWDLHQWRULJLQDLUHVGHO
eJ\SWHROHVSUrWUHVOHXU
DYDLHQW FRPPXQLTXp OH VHFUHW GH OHXU DUW 1RXV DYRQV GpMj GLW TXH WRXV OHV eJ\SWLHQV
DSSUHQDLHQWGHOHXUVSDUHQWVPrPHVOHPpWLHUTX
LOVWURXYDLHQWGDQVOHXUIDPLOOH$LQVLLOV
Q
DSSUHQDLHQW SDV WRXV j OLUH &HOD Q
pWDLW SHUPLV TX
j FHX[ TXL pWDLHQW GHVWLQpV DX[
VFLHQFHV SDU OHXU pWDW /D OXWWH HW OD PXVLTXH pWDLHQW GHV DUWV GpIHQGXV FKH] HX[ SDUFH
TX
jO
pJDUGGHODOXWWHLOVFUR\DLHQWTX
HOOHSRXYDLWQXLUHjODVDQWpHWTX
HOOHQHGRQQDLW
DX FRUSV TX
XQH IRUFH SDVVDJqUH HW GDQJHUHXVH HW j O
pJDUG GH OD PXVLTXH LOV OD
UHJDUGDLHQW QRQ VHXOHPHQW FRPPH LQXWLOH PDLV HQFRUH FRPPH FRQWUDLUH DX[ P°XUV
SDUFHTX
HOOHDPROOLWO
kPH
;;;'HODPpGHFLQHFKH]OHVeJ\SWLHQV
,/6 SUpYHQDLHQW OHV PDODGLHV SDU GHV UHPqGHV UDIUDvFKLVVDQWV SDU OHV SXUJDWLIV SDU OHV
GLqWHV SDU OHV YRPLVVHPHQWV ,OV HPSOR\DLHQW FHV UHPqGHV SOXVLHXUV MRXUV GH VXLWH j
O
pJDUG GHV XQV HW LOV QH OHV IDLVDLHQW UHQGUH j G
DXWUHV TXH SDU LQWHUYDOOH ,OV FUR\DLHQW
TXHWRXWHQRXUULWXUHFRQWHQDLWXQVXSHUIOXGRQWV
HQJHQGUHQWOHVPDODGLHVHWTX
DLQVLWRXW
FH TXL WHQG j pYDFXHU OH FRUSV {WDLW OH SULQFLSH GX PDO HW pWDLW OH PR\HQ OH SOXV V€U
G
HQWUHWHQLU RX GH UDPHQHU OD VDQWp ,O Q
HQ FR€WDLW ULHQ DX[ eJ\SWLHQV SRXU VH IDLUH
WUDLWHU TXDQG LOV pWDLHQW j OD JXHUUH RX HQ YR\DJH GDQV OHXU SD\V FDU OHV PpGHFLQV
pWDLHQWJDJpVGXSXEOLFHWLOVH[HUoDLHQWODPpGHFLQHVHORQOHVUqJOHVTXLOHXUDYDLHQWpWp
WUDQVPLVHVSDUOHSOXVJUDQGQRPEUHHWOHVSOXVLOOXVWUHVGHOHXUVDQFLHQVPDvWUHV6
LOVQH
SRXYDLHQW VDXYHU OH PDODGH HQ VXLYDQW FHWWH PpWKRGH TX
LOV WURXYDLHQW pFULWH GDQV OHV
OLYUHVVDFUpVRQQHOHXULPSXWDLWULHQPDLVV
LOVV
HQpWDLHQWpFDUWpVLOVpWDLHQWSXQLVGH
PRUW/HOpJLVODWHXUDYDLWFUXTXHSHXGHJHQVVHUDLHQWFDSDEOHVGHWURXYHUXQHPHLOOHXUH
URXWH TXH FHOOH TXL DYDLW pWp WUDFpH HW VXLYLH GHWRXVWHPSVSDUOHVSOXVKDELOHVGDQVFHW
DUW
;;,'HVDQLPDX[VDFUpVGHO
eJ\SWH
21 UHJDUGHUD VDQV GRXWH FRPPH  XQ DUWLFOH GLIILFLOH j FURLUH HW j FRPSUHQGUH FH TXL
FRQFHUQHOHVDQLPDX[VDFUpVGHO
eJ\SWH&DUOHVeJ\SWLHQVUHVSHFWHQWMXVTX
jO
DGRUDWLRQ
SOXVLHXUVDQLPDX[QRQVHXOHPHQWSHQGDQWOHXUYLHPDLVHQFRUHDSUqVOHXUPRUWFRPPH
OHVFKDWVOHVLFKQHXPRQVOHVFKLHQVOHVpSHUYLHUVHWFHUWDLQVRLVHDX[QRPPpVGDQVOHXU
ODQJXH LELV OHV ORXSV PrPHV OHV FURFRGLOHV HW SOXVLHXUV DXWUHV $SUqV DYRLU GRQQp XQ
GpWDLO DEUpJp GH FHWWH VXSHUVWLWLRQ QRXV WkFKHURQV G
HQ H[SOLTXHU OHV FDXVHV
3UHPLqUHPHQW RQ FRQVDFUH XQ FKDPS GRQW OH UHYHQX HVW GHVWLQp SRXU OD QRXUULWXUH HW
SRXU OHV DXWUHV VRLQV TX
RQ SUHQG GH FKDTXH HVSqFH GH FHV DQLPDX[ 2XWUH FHOD OHV
eJ\SWLHQV UHQGHQW OHXUV Y°X[ j FHUWDLQV GLHX[ SRXU OHXUV HQIDQWV pFKDSSpV GH TXHOTXHV
PDODGLHVHWDORUVLOVVHIRQWFRXSHUOHVFKHYHX[HWHQGRQQHQWOHSRLGVHQRUHWHQDUJHQW
DX[ JDUGLHQV GHV DQLPDX[ VDFUpV &HX[ TXL QRXUULVVHQW OHV pSHUYLHUV OHV DSSHOOHQW j
KDXWHYRL[SRXUOHXUIDLUHSUHQGUHOHVPRUFHDX[GHFKDLUWRXWFRXSpVTX
LOVOHXUMHWWHQWHQ
O
DLU 3RXU OHV FKDWV HWOHVLFKQHXPRQVRQSpWULWGXSDLQGDQVGXODLWHWRQOHOHXUGRQQH
DYHFTXHOTXHVPRUFHDX[GHSRLVVRQGX1LOHQOHVDWWLUDQWSDUFHWWHHVSqFHGHVLIIOHPHQW
GRQW RQ VH VHUW SRXU IODWWHU OHV DQLPDX[ ,O HQHVWGHPrPHGHWRXVOHVDXWUHVjTXLO
RQ
SUpVHQWHOHVYLDQGHVTXLOHXUFRQYLHQQHQW1RQVHXOHPHQWFHVRIILFLHUVQHVHIRQWSDVXQH
SHLQH HW XQH KRQWH GH FH PLQLVWqUH PDLV LOV V
HQ JORULILHQW FRPPHV
LOVpWDLHQWHPSOR\pV
DX[SOXVVDLQWHVFpUpPRQLHVGHODUHOLJLRQ,OVQHSDUDLVVHQWMDPDLVGDQVOHVYLOOHVRXjOD
FDPSDJQH TX
DYHF GHV PDUTXHV SDUWLFXOLqUHV TXL OHV GLVWLQJXHQW HW TXL LQGLTXHQW PrPH
GH TXHOV DQLPDX[ LOV VRQW JDUGLHQV '
DXVVL ORLQ TX
RQ OHV DSHUoRLW WRXW OH PRQGH VH
SURVWHUQHGHYDQWHX[4XDQGLOHVWPRUWTXHOTX
XQGHFHVDQLPDX[LOVO
HQYHORSSHQWGDQV
XQOLQFHXOHQSOHXUDQWHWHQVHIUDSSDQWODSRLWULQHHWLOVOHSRUWHQWjFHX[TXLRQWVRLQGH
OHVVDOHULOVOHVHPEDXPHQWHQVXLWHDYHFGHO
KXLOHGHFqGUHHWG
DXWUHVSDUIXPVOHVSOXV
RGRULIpUDQWVHWOHVSOXVSURSUHVjFRQVHUYHUORQJWHPSVOHVFRUSVHWLOVOHVGpSRVHQWHQILQ
GDQVGHVFRIIUHVVDFUpV6LTXHOTX
XQWXHH[SUqVDXFXQGHFHVDQLPDX[LOOXLHQFR€WHOD
YLHPDLVLO\DXQHGLVWLQFWLRQSRXUOHVFKDWVHWSRXUOHVLFKQHXPRQV&
HVWTX
XQKRPPH
TXLHQDXUDLWWXpXQVRLWH[SUqVVRLWSDUPpJDUGHHVWVDLVLSDUOHSHXSOHTXLVHMHWWHVXU
OXL TXL OXL IDLW VRXIIULU WRXWH VRUWH GH PDX[ HW OH PDVVDFUH RUGLQDLUHPHQW VDQV DXFXQH
IRUPH GHSURFqV$LQVLFHX[TXLUHQFRQWUHQWXQGHFHVDQLPDX[VDQVYLHVHPHWWHQWjVH
ODPHQWHUGHWRXWHOHXUIRUFHHQSURWHVWDQWTX
LOVO
RQWWURXYpPRUW&HWWHVXSHUVWLWLRQHVW
WHOOHPHQWHQUDFLQpHGDQVO
kPHGHFHVSHXSOHVHWOHXUYpQpUDWLRQSRXUFHVDQLPDX[HVWVL
IRUWH TX
DX WHPSV R OH URL 3WROpPpH DVSLUDLW j VH IDLUH GpFODUHU DPL HW DOOLp GX SHXSOH
URPDLQ HW TXH OHV eJ\SWLHQVDYDLHQWWRXWHVRUWHG
pJDUGVSRXUFHX[TXLYHQDLHQWG
,WDOLH
DILQG
pORLJQHUWRXWSUpWH[WHGHPpFRQWHQWHPHQWHWGHJXHUUHGHODSDUWGHODUpSXEOLTXH
TX
LOVDSSUpKHQGDLHQWXQ5RPDLQTXLDYDLWWXpXQFKDWIXWDVVRPPpSDUOHSHXSOHTXLVH
MHWD GDQV VD PDLVRQ VDQV SRXYRLU rWUH DUUrWp QL SDU O
LQWpUrW GH O
pWDW QL SDU OHV
UHPRQWUDQFHVGHVRIILFLHUVGXURLQLSDUOHVSURWHVWDWLRQVTXHIDLVDLWOH5RPDLQPrPHGH
Q
DYRLU WXp OH FKDW TXH SDU PpJDUGH -H Q
DOOqJXH SRLQW FH IDLW VXU OH UDSSRUW G
DXWUXL HW
M
HQ DL pWp WpPRLQ PRLPrPH GDQV PRQ VpMRXU HQ eJ\SWH 6
LO SDUDvW IDEXOHX[ HW
LQFUR\DEOH RQ VHUD ELHQ SOXV VXUSULV G
DSSUHQGUH TX
HQ XQH IDPLQH GRQW O
eJ\SWH IXW
DIIOLJpHOHVKRPPHVHQYLQUHQWMXVTX
jVHPDQJHUOHVXQVOHVDXWUHVVDQVTXHSHUVRQQH
DLWpWpDFFXVpG
DYRLUWRXFKpDX[DQLPDX[VDFUpV'DQVXQHPDLVRQRLOPHXUWXQFKLHQ
WRXW OH PRQGH VH UDVH HW VH PHW HQ GHXLO HW FH TXL HVW HQFRUH SOXV VLQJXOLHU LOV QH VH
VHUYHQW SOXV QL GX SDLQ QL GX YLQ QL GH WRXWHV OHV SURYLVLRQV GH ERXFKH TXL VH WURXYHQW
DORUV FKH] HX[ 4XDQG LOV UHWRXUQHQW GHV SD\V pWUDQJHUV R LOV RQW pWp j OD JXHUUH LOV
UDSSRUWHQW DYHF HX[ GHV FKDWV HW GHV YDXWRXUV TXRLTX
LOV DLHQW j SHLQH GH TXRL YLYUH
GDQVOHFKHPLQ,OHVWSOXVDLVpGHUDFRQWHUTXHGHIDLUHFURLUHjFHX[TXLQHO
RQWSDVYX
FH TX
LOV SUDWLTXHQW j O
pJDUG GX E°XI $SLV j 0HPSKLV GX E°XI 0QHYLV j +pOLRSROLV GX
ERXF j 0HQGqV GX FURFRGLOH DX ODF GH 0RHULV GX OLRQ j /pRQWRSROLV HW GH SOXVLHXUV
DXWUHV,OVQRXUULVVHQWFHVDQLPDX[GDQVGHVSDUFVVDFUpVHWFHVRQWGHVJHQVGXSUHPLHU
RUGUH TXL V
DFTXLWWHQW GH FHV IRQFWLRQV HW TXL DSSUrWHQW j FHV DQLPDX[ GHV YLDQGHV WUqV
GpOLFDWHV &DU LOV OHXU IRQWGHVWDUWHVDYHFGXIURPHQWHWGHODIOHXUGHIDULQHSpWULHGDQV
GXODLW
,OV OHXU GRQQHQW DYHF FHOD WRXWHV IRUWHV GH FRPSRVLWLRQV GH PLHO HW GH OD FKDLU G
RLH RX
U{WLHRXERXLOOLH,OVYRQWjODFKDVVHSRXUOHVRLVHDX[FDUQDVVLHUVTX
LOVRQWjQRXUULUHWLOV
QH SODLJQHQW SRLQW OHV SOXV JUDQGV IUDLV SRXU OHV HQWUHWHQLU PDJQLILTXHPHQW ,OV OHXU IRQW
SUHQGUH GHV EDLQV GpOLFLHX[  LOV OHV RLJQHQW GH SDUIXPV H[TXLV HW IRQW EU€OHU VDQV FHVVH
GHV RGHXUV GHYDQW HX[ ,OV pWHQGHQW GHV WDSLV VRXV HX[ HW OHV SDUHQW HX[PrPHV
VXSHUEHPHQW ,OV RQW XQ JUDQG VRLQ GH OHV DSSDULHU VXLYDQW OHXU HVSqFH ,OV UHFKHUFKHQW
RXWUH FHOD OHV SOXV EHOOHV IHPHOOHV TX
RQ SXLVVH DYRLU HW OHV QRXUULVVHQW DYHF GHV
DWWHQWLRQV SDUWLFXOLqUHV FRPPH OHV FRQFXELQHV GH FHV DQLPDX[ /RUVTX
LO HQ PHXUW
TXHOTX
XQ LOV OH SOHXUHQW FRPPH OHXUV SURSUHV HQIDQWV HW OHXU IRQW GHV IXQpUDLOOHV TXL
SDVVHQW OHXUV IDFXOWpV 3WROpPpH ILOV GH /DJXV UpJQDQW HQ eJ\SWH DSUqV OD PRUW
G
$OH[DQGUH XQ $SLV PRXUXW GH YLHLOOHVVH j 0HPSKLV &HOXL TXL HQ DYDLW VRLQ D\DQW
GpSHQVpWRXWVRQELHQTXLpWDLWFRQVLGpUDEOHDX[SUpSDUDWLIVGHVHVIXQpUDLOOHVHPSUXQWD
HQFRUH GX URL FLQTXDQWH WDOHQWV G
DUJHQW SRXU OHV DFKHYHU (QILQ RQ D YX GH QRWUH WHPSV
TXHOTXHVXQV GH FHV JDUGLHQV G
DQLPDX[ TXL DYDLHQW GpSHQVp FHQW WDOHQWV j OHXU
HQWUHWLHQ
;;;,,&XOWHGXWDXUHDX$SLVHWGHSOXVLHXUVDXWUHVDQLPDX[
È &(77( RFFDVLRQ QRXV IHURQV OH UpFLW GH FH TXL VH SUDWLTXH j O
pJDUG GX WDXUHDX TX
LOV
QRPPHQW$SLV/RUVTX
LOHVWPRUWHWTX
LODpWpHQVHYHOLDYHFWRXWHVRUWHGHPDJQLILFHQFH
VHV SUrWUHV FKHUFKHQW XQ YHDX TXL SRXU OD IRUPH HW SRXU OD FRXOHXU DSSURFKH GX WDXUHDX
PRUW4XDQGLOVO
RQWWURXYpOHGHXLOFHVVHHWG
DERUGLOVPqQHQWOHQRXYHO$SLVj1LORSROLV
RXYLOOHGX1LORLOVOHQRXUULVVHQWSHQGDQWTXDUDQWHMRXUV,OVO
HPEDUTXHQWHQVXLWHGDQV
XQH JRQGROH R LO \ D SRXU OXL XQH FKDPEUH GRUpH HW LOV OH FRQGXLVHQW FRPPH XQ GLHX
GDQV OH WHPSOH GH 9XOFDLQ j0HPSKLV3HQGDQWOHVTXDUDQWHMRXUVGRQWQRXVDYRQVSDUOp
LO HVW SHUPLV DX[ IHPPHV GH OH YRLU HW HOOHV VH WLHQQHQW GHERXW GHYDQW OXL PDLV DSUqV
FHOD LO OHXU HVW GpIHQGX GH SDUDvWUH HQ VD SUpVHQFH /H SULQFLSH GH FH FXOWH VHORQ
TXHOTXHVXQVHVWTX
jODPRUWG
2VLULVVRQkPHSDVVDGDQVOHFRUSVG
XQWDXUHDXQRPPp
$SLV HW TXH GHSXLV FH WHPSV HOOH HVW HQWUpH VXFFHVVLYHPHQW HW V
HVW PDQLIHVWpH GDQV
WRXVFHX[TX
RQDVXEVWLWXpVjODSODFHGHFHOXLOj'
DXWUHVUDFRQWHQWTX
2VLULVD\DQWpWp
WXpSDU7\SKRQ,VLVILWHQIHUPHUVRQFRUSVGDQVODILJXUHG
XQHJpQLVVHTXLpWDLWFRXYHUWH
G
XQ GUDS GH SRXUSUH HW TXH F
HVW PrPH FH TXL D GRQQp OH QRP j OD YLOOH GH %XVLULV ,OV
RQW HQFRUH SOXVLHXUV DXWUHV IDEOHV VXU OH VXMHW G
$SLV PDLV HOOHV QRXV PqQHUDLHQW WURS
ORLQ '
DLOOHXUV LO HVW IRUW GLIILFLOH G
DVVLJQHU O
RULJLQH GH WDQW GH SUDWLTXHV EL]DUUHV HW
LQFUR\DEOHV HW GH SOXV QRXV DYRQV DYHUWL HQ SDUODQW GHV GLHX[ TXH OHV SUrWUHVJDUGHQW
XQSURIRQGVLOHQFHVXUFHVVRUWHVGHPDWLqUHV&HTXLV
HQHVWUpSDQGXSDUPLOHSHXSOHVH
UpGXLWjFHVWURLVFDXVHV/DSUHPLqUHHVWWUqVIDEXOHXVHHWWLHQWEHDXFRXSGHODVLPSOLFLWp
GHVSUHPLHUVWHPSV,OVGLVHQWTXHOHVGLHX[pWDQWDXWUHIRLVHQSHWLWQRPEUHHWFUDLJQDQW
G
rWUH DFFDEOpV SDU OD PXOWLWXGH GHV KRPPHV LPSLHV HW VFpOpUDWV VH FDFKDLHQW VRXV OD
IRUPH GH GLYHUV DQLPDX[ SRXU pFKDSSHU j OHXU SRXUVXLWH HW j OHXU IXUHXU 0DLV FHV
PrPHVGLHX[V
pWDQWHQILQUHQGXVOHVPDvWUHVGXPRQGHDYDLHQWHXGHODUHFRQQDLVVDQFH
SRXU OHV DQLPDX[ GRQW OD UHVVHPEODQFH OHV DYDLW VDXYpV  LOV VH OHV pWDLHQW FRQVDFUpV HW
DYDLHQW FKDUJp OHV KRPPHV PrPHV GH OHV QRXUULU DYHF VRLQ HW GH OHV HQVHYHOLU DYHF
KRQQHXU /D VHFRQGH FDXVH HVW FHOOHFL  RQ GLW TXH OHV eJ\SWLHQV FRPEDWWDQW DXWUHIRLV
VDQVRUGUHHWpWDQWVRXYHQWGpIDLWVSDUOHXUVHQQHPLVLOVSULUHQWHQILQGHVpWHQGDUGVSRXU
VHUYLUGHJXLGHVjOHXUVWURXSHVGDQVODPrOpH&HVpWHQGDUGVpWDLHQWFKDUJpVGHVILJXUHV
GH FHV DQLPDX[ TX
LOV UpYqUHQW DXMRXUG
KXL /HV FKHIV OHV SRUWDLHQW DX ERXW GH OHXUV
SLTXHVHWSDUOjFKDFXQUHFRQQDLVVDLWjTXHOFRUSVRXjTXHOOHFRPSDJQLHLODSSDUWHQDLW
&HWWHSUpFDXWLRQOHXUD\DQWSURFXUpODYLFWRLUHSOXVG
XQHIRLVLOVV
HQFUXUHQWUHGHYDEOHV
DX[ DQLPDX[ UHSUpVHQWpV GDQV OHXUV HQVHLJQHV HW HQ PpPRLUH GH FH VHFRXUV LOV
GpIHQGLUHQW GH OHV WXHU HW RUGRQQqUHQW PrPH TX
RQ OHXU UHQGUDLW WRXV OHV KRQQHXUV TXH
QRXV DYRQV YXV /D WURLVLqPH FDXVH HVW SULVH GH O
XWLOLWp TXH OHV KRPPHV UHWLUHQW GH FHV
DQLPDX[SRXUWRXVOHVEHVRLQVGHODYLH/DYDFKHDSRUWpOHE°XITXLODERXUHODWHUUHHW
HQUHQGDLQVLFXOWXUHSOXVIDFLOH/HVEUHELVPHWWHQWEDVGHX[IRLVO
DQQpHHOOHVIRXUQLVVHQW
XQHODLQHTXLKDELOOHHWTXLRUQHO
KRPPHHWHOOHVOXLGRQQHQWDYHFDERQGDQFHXQODLWGRQW
RQIDLWGHVIURPDJHVH[FHOOHQWV/HFKLHQHVWPHUYHLOOHX[SRXUODFKDVVHHWSRXUODJDUGH
GHV PDLVRQV &
HVW SRXU FHOD TX
RQ GRQQH DX GLHX $QXELV XQH WrWH GH FKLHQ SRXU
PDUTXHUTX
LODYDLWJDUGpOHVFRUSVG
2VLULVHWG
,VLV4XHOTXHVXQVGLVHQWTXHORUVTXH,VLV
FKHUFKDLW OH FRUSV G
2VLULV HOOH PHQD GHV FKLHQV DYHF HOOH SRXU OD GpIHQGUH FRQWUH OHV
EULJDQGV HW FRQWUH OHV ErWHV IDURXFKHV ,OV VHPEODLHQW PrPH V
LQWpUHVVHU j VD UHFKHUFKH
HW LOV OH OXLLQGLTXqUHQWSDUOHXUVFULV&
HVWSRXUFHODTXHGDQVOHVIrWHVG
,VLVGHVFKLHQV
SUpFqGHQW WRXMRXUV OD SRPSH VDFUpH HQ WpPRLJQDJH GX VHFRXUV TX
LOV SUrWqUHQW DXWUHIRLV
j OD GpHVVH /H FKDW HQ FH SD\VOj pFDUWH OHV DVSLFV HW TXHOTXHVDXWUHVVHUSHQWVGRQWOHV
PRUVXUHV VRQW YHQLPHXVHV /
LFKQHXPRQ FKHUFKH OHV °XIV GX FURFRGLOH SRXU OHV FDVVHU
VDQVHQWLUHUDXFXQSURILWSRXUOXLPrPHSXLVTX
LOQHOHVPDQJHSDV0DLVV
LOQHSUHQDLW
FH VRLQOj OH IOHXYH VHUDLW LQDFFHVVLEOH DX[ KRPPHV SDU OD PXOWLWXGHGHVFURFRGLOHVGRQW
VHV ERUGV VHUDLHQW DVVLpJpV /
LFKQHXPRQ OHV WXH HX[PrPHV SDU XQH UXVH WRXW j IDLW
VLQJXOLqUH HW TXH O
RQ DXUDLW SHLQH j FURLUH 3HQGDQW TXH OH FURFRGLOH GRUW VXUOHULYDJHOD
JXHXOH RXYHUWH O
LFKQHXPRQ V
pWDQW URXOp GDQV OD ERXH VH MHWWH WRXW G
XQ FRXS GDQV VRQ
FRUSVOjLOOXLGpYRUHOHVHQWUDLOOHVHWVRUWHQVXLWHVDQVGDQJHUGXYHQWUHGHO
DQLPDOTX
LO
ODLVVHPRUW/
,ELVHVWOHSOXVXWLOHGHWRXVOHVRLVHDX[FRQWUHOHVVHUSHQWVOHVVDXWHUHOOHV
HW OHV FKHQLOOHV /HV IDXFRQV GpWUXLVHQW OHV VHUSHQWV j FRUQHV OHV VFRUSLRQV HW TXHOTXHV
LQVHFWHV SOXV SHWLWV TXL WXHQW O
KRPPH '
DXWUHV FURLHQW TXH FHV RLVHDX[ VRQW KRQRUpV
FKH] OHV eJ\SWLHQV SDUFH TXH OHV GHYLQV REVHUYHQW  OHXU YRO SRXU OHV DXJXUHV '
DXWUHV
HQFRUH UDFRQWHQW TX
DXWUHIRLV XQ IDXFRQ DSSRUWD DX[ SUrWUHV GH 7KqEHV XQ OLYUH GRQW OD
FRXYHUWXUH pWDLW GH FRXOHXU GH SRXUSUH HW GDQV OHTXHO pWDLHQW FRQWHQXHV OHV ORLV HW OHV
FpUpPRQLHVGHODUHOLJLRQHWTXHF
HVWSRXUFHODTXHOHVpFULYDLQVVDFUpVSRUWHQWVXUOHXU
WrWH XQH EDQGH GH SRXUSUH HW OD ILJXUH G
XQ IDXFRQ &HX[ GH 7KqEHV KRQRUHQW O
DLJOH
SDUFH TX
LOV OH UHJDUGHQW FRPPH XQ RLVHDX UR\DO HW GLJQHGH-XSLWHUPrPH2QUHQGDX[
WDXUHDX[ VDFUpV TXL VRQW $SLV HW 0QHYLV XQ FXOWH TXL DSSURFKH GH FHOXL TX
RQ UHQG DX[
GLHX[ PrPHV VRLW SDU UHVSHFW SRXU O
LQVWLWXWLRQ G
2VLULV VRLW SDU UHFRQQDLVVDQFH GH
O
XWLOLWpTX
RQUHWLUHGHFHVDQLPDX[SDUUDSSRUWDXODERXUDJHVRLWHQILQSRXUFRQVHUYHUj
OD GHUQLqUH SRVWpULWp OD PpPRLUH GH FHX[ TXL RQW SURFXUp DX[ KRPPHV O
XVDJH GHV ELHQV
GH OD WHUUH &HSHQGDQW LO HVW SHUPLV GH VDFULILHU GHV WDXUHDX[ TXDQG LOV VRQW URX[ SDUFH
TXH OHV eJ\SWLHQV FURLHQW TXH 7\SKRQ pWDLW GHFHWWHFRXOHXU&
HVWOXLTXLWXD2VLULVGDQV
XQHHPEXVFDGHHWVXUTXL,VLVWLUDYHQJHDQFHGHODPRUWGHVRQpSRX[2QGLWPrPHTXH
OHVDQFLHQVURLVG
eJ\SWHVDFULILDLHQWVXUOHWRPEHDXG
2VLULVWRXVOHVKRPPHVTXLDYDLHQW
OHSRLOURX[/HVeJ\SWLHQVQHO
RQWJXqUHDLQVLHWFHPDOKHXUWRPEDLWSOXVVRXYHQWVXUOHV
pWUDQJHUV 9RLOj O
RULJLQH GH OD IDEOH TXL D IDLW SDVVHU %XVLULV FKH] OHV *UHFV SRXU XQ URL
G
eJ\SWH TXL LPPRODLW OHV pWUDQJHUV  DX OLHX TXH FKH] OHV eJ\SWLHQV FH PRW VDQV VH
UDSSRUWHU j DXFXQ GH OHXUV URLV VLJQLILH WRPEHDX G
2VLULV ,OV KRQRUHQW OHV ORXSV SDU OD
UHVVHPEODQFH TX
LOV RQW DYHF OHV FKLHQV (Q HIIHW LOV GLIIqUHQW SHX HW OHV GHX[ HVSqFHV
V
DFFRXSOHQW UpFLSURTXHPHQW 2Q DOOqJXH SRXUWDQW XQH FDXVH SOXV P\VWpULHXVH GH FH
FXOWH 2Q GLW TXH ORUVTX
,VLV HW VRQ ILOV +RUXV VH SUpSDUDLHQW j FRPEDWWUH 7LSKRQ 2VLULV
UHYLQWGHVHQIHUVVRXVODIRUPHG
XQORXSHWVHMRLJQLWjHX[SRXUOHVDLGHUHWTXH7\SKRQ
D\DQW pWp WXp RQ DYDLW KRQRUp O
DQLPDO GRQW O
DSSDULWLRQ DYDLW SURFXUp FHWWH YLFWRLUH
'
DXWUHV UDFRQWHQW TXH OHV eWKLRSLHQV YHQDQW SRUWHU OD JXHUUH HQ eJ\SWH XQH DUPpH GH
ORXSVOHVDUUrWDVXUOHXUSDVVDJHHWOHVPLWHQIXLWHSUqVGHODYLOOHQRPPpHeOpSKDQWLQH
'HSXLV FH MRXU FHWWH SURYLQFH V
HVW DSSHOpH /XFRSROLWDLQH HW OHV ORXSV RQW pWp HQ
YpQpUDWLRQ
;;;,,,&XOWHGHVFURFRGLOHV'LIIpUHQWHVDEVWLQHQFHVGHIUXLWVVHORQOHVGLIIpUHQWVOLHX[
,/ QRXV UHVWH j SDUOHU GH O
DGRUDWLRQ GHV FURFRGLOHV 2Q V
pWRQQHUD VDQV GRXWH FRPPHQW
RQDSXUHQGUHOHVKRQQHXUVGLYLQVjXQPRQVWUHTXLGpYRUHOHVKRPPHV/HVeJ\SWLHQV
UpSRQGHQWTXHOHVFURFRGLOHVFRQWULEXHQWDXWDQWHWSOXVTXHOHIOHXYHjODGpIHQVHHWjOD
V€UHWpGXSD\VSDUFHTXHOHVYROHXUVGHO
$UDELHHWGHOD/LE\HQ
RVHQWDERUGHUOHIOHXYH
GDQV OD FUDLQWH TX
LOV RQW GH FHV DQLPDX[HWTX
DLQVLFHVHUDLW{WHUXQUHPSDUWjO
eJ\SWH
TXH GHOHXUIDLUHODJXHUUHRXGHOHVGpWUXLUH2QUDFRQWHXQHDXWUHKLVWRLUHDXVXMHWGHV
FURFRGLOHV 8Q GHV DQFLHQV URLV GH O
eJ\SWH QRPPp 0pQqV IXW SRXUVXLYL SDU VHV FKLHQV
MXVTXH VXU OH ERUG GX ODF 0RHULV /j XQ FURFRGLOH VH SUpVHQWD j OXL HW FRQWUH WRXWH
HVSpUDQFHOHUHoXWVXUVRQGRVHWOHWUDQVSRUWDGHO
DXWUHF{Wp(QPpPRLUHGHFHELHQIDLW
0pQqV EkWLW DXSUqV GH Oj XQH YLOOH TX
RQ QRPPD &URFRGLOH ,O YRXOXW TXH OHV KDELWDQWV
KRQRUDVVHQW FHV DQLPDX[ FRPPH GHV GLHX[ HW LO FRQVDFUD FH ODF jOHXUVXEVLVWDQFH,OILW
GUHVVHU GDQV OH PrPH OLHX VRQ WRPEHDX HW XQH S\UDPLGH j TXDWUH IDFHV HW \ ILW IDLUH FH
ODE\ULQWKH TX
RQ DGPLUH HQFRUH 2Q GRQQH DX VXMHW GHV DXWUHV DQLPDX[ SOXVLHXUV DXWUHV
UDLVRQV VHPEODEOHV TX
LO VHUDLW ORQJ GH UDSSRUWHU HQ GpWDLO ,O SDUDvW DX UHVWH TXH WRXWHV
OHVFRXWXPHVGHO
eJ\SWHRQWSRXUIRQGHPHQWTXHOTXHUDLVRQG
XWLOLWp,O\DSDUH[HPSOH
TXHOTXHVXQV GHV IUXLWV GH OD WHUUH OHV SOXV FRPPXQV TXH OHV XQV RX OHV DXWUHV QH
PDQJHQW SRLQW &HX[Oj VH SULYHQW GHV OHQWLOOHV FHX[FL GHV SRLV G
DXWUHV GHV RLJQRQV
,OVQHIRQWFHODGLWRQTXHSRXUV
DFFRXWXPHUjVHSDVVHUGHTXHOTXHFKRVHFDUULHQQH
SRXUUDLW VXIILUH VL WRXW OH PRQGH YRXODLW GH WRXW 6HORQ XQH DXWUH WUDGLWLRQ OHV DQFLHQV
URLV pWDLHQW H[SRVpV j GH IUpTXHQWHV UpYROWHV GH OHXUV VXMHWV 3RXU UHPpGLHU j FHW
LQFRQYpQLHQW XQ GHV SOXV VDJHV G
HQWUH HX[ V
DYLVD GH IRXUQLU j FHV SHXSOHV GHV PRWLIV
GH GLVVHQVLRQ TXL OHV LQGLVSRVHUDLHQW OHV XQV FRQWUH OHV DXWUHV 'DQV FHWWH SHQVpH LO
SDUWDJHDVRQUR\DXPHHQGLYHUVHVSURYLQFHVHWDVVLJQDjFKDFXQHO
DQLPDOTX
RQ\GHYDLW
DGRUHU HW OH IUXLW DXTXHO RQ QH GHYDLW SRLQW WRXFKHU ,O SUpYR\DLW FH TXL HVW DUULYp GH Oj
TXH OHV XQV PpSULVDQW FH TXH OHV DXWUHV UHVSHFWHQW OHV eJ\SWLHQV QH VHUDLHQW MDPDLV
G
DFFRUGHQVHPEOHHWVHUHJDUGHUDLHQWPXWXHOOHPHQWFRPPHGHVLQVHQVpVRXGHVLPSLHV
8QH WURLVLqPH UDLVRQ GH OD FRQVpFUDWLRQ GHV DQLPDX[ HVW FHOOHFL 3HX DSUqV TXH OHV
KRPPHV HXUHQW DEDQGRQQp OD YLH VDXYDJH SRXU IRUPHU HQWUH HX[ GLYHUVHV VRFLpWpV LOV
V
DWWDTXDLHQWHWVHPDVVDFUDLHQWFRQWLQXHOOHPHQWOHVXQVOHVDXWUHVQHFRQQDLVVDQWSRLQW
HQFRUH G
DXWUH ORL TXH FHOOH GX SOXV IRUW /D QpFHVVLWpDSSULWELHQW{WDX[SOXVIDLEOHVjVH
VHFRXULU PXWXHOOHPHQW HW LOV VH GRQQqUHQW SRXU VLJQDO GH FRQYRFDWLRQ OD ILJXUH GH
TXHOTXHVXQVGHVDQLPDX[TX
RQDFRQVDFUpVGHSXLV$FHWWHPDUTXHLOVVHUDVVHPEODLHQW
HW IRUPDLHQW XQ FRUSV UHGRXWDEOH j FHX[ TXL DXSDUDYDQW OHV IDLVDLHQW WUHPEOHU /D
SUHPLqUHGHFHVEDQGHVVHUYLWG
H[HPSOHHWGHPRGqOHjG
DXWUHVHWWRXWHVD\DQWSULVGHV
DQLPDX[ GLIIpUHQWV SRXU HQVHLJQHV F
HVW OD UDLVRQ SRXU ODTXHOOH OHV XQV VRQW KRQRUpV
GDQV XQ HQGURLWHWOHVDXWUHVGDQVXQDXWUHFRPPHOHVDXWHXUVSDUWLFXOLHUVGXVDOXWGHV
GLIIpUHQWHV WURXSHV TXL VH VRQW pWDEOLHV HQ SOXVLHXUV YLOOHV &DU LO IDXW UHPDUTXHU TXH OHV
eJ\SWLHQVVRQWOHSHXSOHGXPRQGHOHSOXVUHFRQQDLVVDQWSRXUWRXWHVRUWHGHELHQIDLWV,OV
GLVHQW TXH OD UHFRQQDLVVDQFHHVWODVRXUFHGHWRXVOHVVHFRXUVHWGHWRXVOHVELHQVTX
RQ
SHXW HVSpUHU GDQV OD YLH (Q HIIHW WRXV OHV KRPPHV V
HPSUHVVHQW GH UHQGUH VHUYLFH j
FHX[ GDQV O
kPH GHVTXHOV LOV FURLHQW V
DPDVVHU SRXU DLQVL GLUH XQ WUpVRU GH
UHFRQQDLVVDQFH SRXU OH EHVRLQ &
HVW Oj OHSULQFLSHGXUHVSHFWTXHOHVeJ\SWLHQVRQWSRXU
OHXUV URLV TX
LOV UHJDUGHQW FRPPH GHV GLHX[ /
DXWRULWp VRXYHUDLQH TXH OD SURYLGHQFH D
GRQQpH DX[ URLV VXU OHXUV SHXSOHV HW OH SRXYRLU GH UpSDQGUH WRXWH VRUWHGHELHQIDLWVOHXU
SDUDvWrWUHXQFDUDFWqUHGHODGLYLQLWp
;;;,96pSXOWXUHGHVPRUWV
1RXVQ
DYRQVSHXWrWUHpWpTXHWURSORQJVGDQVFHTXLFRQFHUQHOHVORLVGHVeJ\SWLHQVHW
OHV FRQVpFUDWLRQV GH OHXUV DQLPDX[ PDLV VL O
RQ D pWp VXUSULV GH SOXVLHXUV SDUWLFXODULWpV
GDQV FHV GHX[ DUWLFOHV RQ QH OH VHUD SDV PRLQV GH FH TXL FRQFHUQH OD VpSXOWXUH GHV
PRUWV'qVTX
XQKRPPHHVWH[SLUpVHVSDUHQWVHWVHVDPLVVHFRXYUDQWODWrWHGHERXH
YRQW SOHXUHU GDQV WRXWHV OHV UXHV MXVTX
j FH TXH OH FRUSV VRLW LQKXPp ,OV V
DEVWLHQQHQW
FHSHQGDQW GH YLQ HW GH WRXWH QRXUULWXUH GpOLFDWH FRPPH DXVVL GHV EDLQV HW GHV
DMXVWHPHQWV ,OV RQW WURLV IRUWHV GH IXQpUDLOOHV OHV SRPSHXVHV OHV PpGLRFUHV HW OHV
VLPSOHV /HV SUHPLqUHV FR€WHQW XQ WDOHQW G
DUJHQW OHV VHFRQGHV YLQJW PLQHV PDLV OHV
WURLVLqPHV VH IRQW SUHVTXH SRXU ULHQ /D IRQFWLRQ G
HQVHYHOLU HVW XQH SURIHVVLRQ
SDUWLFXOLqUH TXL D pWp DSSULVH FRPPH OHV DXWUHV GqV O
HQIDQFH &HX[ TXL O
H[HUFHQW YRQW
SRUWHUFKH]OHVSDUHQWVXQpWDWGHFHTX
RQSHXWGpSHQVHUjFHVXMHWHWOHXUGHPDQGHQWj
TXRL LOV MXJHQW j SURSRV GH V
HQWHQLUeWDQWFRQYHQXVGHWRXWLOVSUHQQHQWOHFRUSVHWOH
GRQQHQW DX[ RIILFLHUV TXL GRLYHQW OH SUpSDUHU /H SUHPLHU HVW O
pFULYDLQ &
HVW OXL TXL
GpVLJQH VXU OH F{Wp JDXFKH GX PRUW OH PRUFHDX GH FKDLU TX
LO HQ IDXW FRXSHU $SUqV OXL
YLHQW OH FRXSHXU TXL IDLW FHW RIILFH DYHF XQH SLHUUH G
eWKLRSLH PDLV LO V
HQIXLW DXVVLW{W GH
WRXWH VD IRUFH SDUFH TXH WRXV OHV DXWUHV OH SRXUVXLYHQW j FRXSV GH SLHUUH FRPPH XQ
KRPPH TXL D HQFRXUX OD PDOpGLFWLRQ SXEOLTXH FDU LOV UHJDUGHQW FRPPH XQ HQQHPL
FRPPXQ FHOXL TXL IDLW TXHOTXH EOHVVXUH RX TXHOTXH RXWUDJH TXH FH VRLW j XQ FRUSV GH
PrPH QDWXUH TXH OH VLHQ &HX[ TXL VDOHQW YLHQQHQW HQVXLWH &H VRQW GHV RIILFLHUV WUqV
UHVSHFWpVGDQVO
eJ\SWHFDULOVRQWFRPPHUFHDYHFOHVSUrWUHVHWO
HQWUpHGHVOLHX[VDFUpV
OHXU HVW RXYHUWH FRPPH j HX[ ,OV V
DVVHPEOHQWWRXVDXWRXUGXPRUWTX
RQYLHQWG
RXYULU
HW O
XQ G
HX[ LQWURGXLW SDU O
LQFLVLRQ VD PDLQ GDQV OH FRUSV HW HQ WLUH WRXV OHV YLVFqUHV
H[FHSWp OH F°XU HW OHV UHLQV 8Q DXWUH OHV ODYH DYHF GX YLQ GH SDOPH HW GHV OLTXHXUV
RGRULIpUDQWHV,OVRLJQHQWHQVXLWHOHFRUSVSHQGDQWSOXVGHWUHQWHMRXUVDYHFGHODJRPPH
GH FqGUH GH OD P\UUKH GX FLQQDPRPH HW G
DXWUHV SDUIXPV TXL QRQ VHXOHPHQW
FRQWULEXHQW j OH FRQVHUYHU GDQV VRQ HQWLHU SHQGDQW WUqV ORQJWHPSV PDLV TXL OXL IRQW
HQFRUHUpSDQGUHXQHRGHXUWUqVVXDYH,OVUHQGHQWDORUVDX[SDUHQWVOHFRUSVUHYHQXjVD
SUHPLqUH IRUPH GH WHOOH VRUWH TXH OHV SRLOV PrPHV GHV VRXUFLOV HW GHV SDXSLqUHV VRQW
GpPrOpVHWTXHOHPRUWVHPEOHDYRLUJDUGpO
DLUGHVRQYLVDJHHWOHSRUWGHODSHUVRQQH
3OXVLHXUV eJ\SWLHQV D\DQW FRQVHUYp SDU FH PR\HQ WRXWH OHXU UDFH GDQV GHV FDELQHWV IDLWV
H[SUqV WURXYHQW XQH FRQVRODWLRQ TX
RQ QH SHXW H[SULPHU j YRLU OHXUV DQFrWUHV GDQV OD
PrPH DWWLWXGH HW DYHF OD PrPH SK\VLRQRPLH TXH V
LOV pWDLHQW HQFRUH YLYDQWV 4XDQG OH
FRUSV GRLW rWUH LQKXPp RQ HQ YD DQQRQFHU OH MRXU SUHPLqUHPHQW DX[ MXJHV HW HQVXLWH j
WRXWHODIDPLOOHHWjWRXVOHVDPLVGXPRUW&HWWHLQGLFDWLRQVHIDLWHQH[SULPDQWVRQQRP
HWHQGLVDQWTX
LOYDSDVVHUOHODF$XVVLW{WTXDUDQWHMXJHVV
DVVHPEOHQWHWYRQWV
DVVHRLU
GDQV XQ WULEXQDO IRUPp HQ GHPLFHUFOH HW SODFp j O
DXWUH ERUG GX ODF 'HV RXYULHUV
SUpSRVpV j FHWWH IRQFWLRQ PHWWHQW VXU FH ODF XQH EDUTXH TX
LOV RQW FRQVWUXLWH HW TXL HVW
JRXYHUQpHSDUXQSLORWHTXHOHVeJ\SWLHQVQRPPHQW &DURQ HQ OHXU ODQJXH 2Q GLW
TX
2USKpH pWDQW YHQX HQ eJ\SWH HW D\DQW YX FHWWH FpUpPRQLH EkWLW VXU HOOH OD IDEOH GH
O
(QIHU HQ  DMRXWDQW TXHOTXHV FLUFRQVWDQFHV j FH TX
LO DYDLW YX SUDWLTXHU 1RXV HQ
SDUOHURQV ELHQW{W SOXV DX ORQJ $YDQW TX
RQ SODFH OH FHUFXHLO GDQV FHWWH EDUTXH OD ORL
SHUPHW j WRXW OH PRQGH GH YHQLU IDLUH VHV SODLQWHV FRQWUH OH PRUW 6L TXHOTX
XQ OH
FRQYDLQFG
DYRLUPDOYpFXOHVMXJHVSRUWHQWODVHQWHQFHHWSULYHQWOHPRUWGHODVpSXOWXUH
TX
RQ OXL DYDLW SUpSDUpH 0DLV VL FHOXL TXL D LQWHQWp O
DFFXVDWLRQ QH OD SURXYH SDV LO HVW
VXMHW j GH JUDQGHV SHLQHV 4XDQG DXFXQ DFFXVDWHXU QH VH SUpVHQWH RX TXH FHX[ TXL VH
VRQW SUpVHQWpV VRQW FRQYDLQFXV HX[PrPHV GH FDORPQLH  WRXV OHV SDUHQWV TXLWWHQW OH
GHXLO ORXHQW OH GpIXQW VDQV SDUOHU QpDQPRLQV GH VD UDFH FRPPH IRQW OHV *UHFV SDUFH
TXH WRXV OHV eJ\SWLHQV VH FURLHQW pJDOHPHQW QREOHV ,OV FRPPHQFHQW VRQ pORJH SDU VRQ
pGXFDWLRQ HW SDUFRXUDQW HQVXLWH WRXV OHV kJHV GH VD YLH LOV UHOqYHQW VD SLpWp VD MXVWLFH
VRQ FRXUDJH HW SULHQW OHV GLHX[ LQIHUQDX[ GH OH UHFHYRLU GDQV OH VpMRXU GHV ELHQKHXUHX[
7RXWHO
DVVLVWDQFHDSSODXGLWjFHWWHRUDLVRQIXQqEUHHOOH\PrOHGHQRXYHOOHVORXDQJHVHW
IpOLFLWHOHPRUWGHFHTX
LOGRLWSDVVHUO
pWHUQLWpGDQVODSDL[HWGDQVODJORLUH&HX[TXLRQW
GHV WRPEHDX[ j HX[ \ PHWWHQW OHXUV PRUWV GDQV OHV SODFHV TXL OHV DWWHQGHQW FHX[ TXL
Q
HQRQWSDVOHVJDUGHQWHQOHXUVPDLVRQVHQGHVOLHX[SUpSDUpVSRXUFHODHWSRVHQWOHXUV
FHUFXHLOV GHERXW FRQWUH OD PXUDLOOH ,OV UHWLHQQHQW DXVVL FKH] HX[ OHV FRUSV GH FHX[ TXL
VRQWH[FOXVGHODVpSXOWXUHSRXUUDLVRQGHFULPHRXGHGHWWHHWLODUULYHTXHOTXHIRLVTXH
OHXUV GHVFHQGDQWV GHYHQXV ULFKHV RX SXLVVDQWV VDWLVIRQW OHXUV FUpDQFLHUV RX SRXUVXLYHQW
OHXU MXVWLILFDWLRQ HW OHV IRQW HQILQ HQVHYHOLU KRQRUDEOHPHQW &DUOHVeJ\SWLHQVVHVRQWIDLW
GH WRXV WHPSV XQH UHOLJLRQ G
KRQRUHU SDUWLFXOLqUHPHQW OHXUV SDUHQWV PRUWV ,OV GRQQHQW
DVVH]VRXYHQWOHXUFRUSVSRXUV€UHWpGHOHXUVGHWWHVHWFHX[TXLQHOHVUHWLUHQWSDVVRQW
GpFODUpV LQIkPHV SHQGDQW OHXU YLH HW SULYpV GH VpSXOWXUH DSUqV OHXU GpFqV &
HVW DX IRQG
XQH SUpFDXWLRQ WUqV HVWLPDEOH GDQV FHX[ TXL RQW LQVWLWXp FHV FpUpPRQLHV G
DYRLU IDLW
GpSHQGUH OD ERQWp HW OD SROLWHVVH GHV P°XUV QRQ VHXOHPHQW GHV pJDUGV TXH O
RQ DXUDLW
SRXU OHV YLYDQWV PDLV HQFRUH GHV KRQQHXUV TX
RQ UHQGUDLW DX[ PRUWV FKDFXQ VHORQ VHV
IDFXOWpV /HV *UHFV RQW FRUURPSX SDU OHXUV ILFWLRQV HW SDU OHXUV IDEOHV FH TXH O
RQ GRLW
FURLUH GH OD UpFRPSHQVH GHV ERQV HW GH OD SXQLWLRQ GHV PpFKDQWV HW SDU Oj LOV RQW OLYUp
DX[ UDLOOHULHV GHV OLEHUWLQV XQ GHV SOXV SXLVVDQWV PRWLIV TX
RQ SXLVVH SURSRVHU DX[
KRPPHV SRXUOHVHQJDJHUjELHQYLYUH0DLVFKH]OHVeJ\SWLHQVOHGLVFHUQHPHQWGXYLFH
HWGHODYHUWXQ
HVWSDVUHQYR\pjXQWULEXQDOLQYLVLEOHLOVHIDLWjODPRUWHQSUpVHQFHGH
WRXW OH PRQGH  OHV SHXSOHV HQ VRQW WpPRLQV WRXV OHV MRXUV HW O
DWWHQWH G
XQ MXJHPHQW
VHPEODEOH UHWLHQW FKDTXH SDUWLFXOLHU GDQV O
H[DFWH REVHUYDWLRQ GH VHV GHYRLUV /HV SOXV
EHOOHV ORLV QH VRQW SDV FHOOHV TXL WHQGHQW j UHQGUH OHV KRPPHV SOXV ULFKHV PDLV FH VRQW
FHOOHV TXL SHXYHQW OHV UHQGUH SOXV VDJHV HW SOXV SURSUHV j IRUPHU HQWUH HX[ XQH VRFLpWp
TXLOHXUVRLWjWRXVpJDOHPHQWDYDQWDJHXVH
;;;91RPVGHVOpJLVODWHXUVpJ\SWLHQV
$35Ê6DYRLUUDSSRUWpFHVORLVH[WUDRUGLQDLUHVHWPHUYHLOOHXVHVLOHVWMXVWHGHGLUHXQPRW
GHVOpJLVODWHXUVPrPHVDXVRUWLUGHODYLHVLPSOHHWQDWXUHOOHTXHODIDEOHGLWTX
RQDYDLW
PHQpHVRXVOHUqJQHGHVGLHX[HWGHVKpURV
0QpYqV
0QpYqVO
KRPPHUHFRPPDQGDEOHSDUODVXSpULRULWpGHVRQHVSULWHWGLJQHG
rWUHFRPSDUp
j VHV SUpGpFHVVHXUV IXW OH SUHPLHU TXL SRUWD OHV KRPPHV j VXLYUH GHV ORLV pFULWHV ,O
VXSSRVD TX
LO OHV WHQDLW GH 0HUFXUH TXL OHV OXL DYDLW GRQQpHV SRXU OH ELHQ DX JHQUH
KXPDLQ &
HVW DLQVL TXH SDUPL OHV *UHFV 0LQRV HQ &UqWH HW /\FXUJXH j /DFpGpPRQH
ILUHQW FURLUH j OHXUV SHXSOHV TXH OHV ORLV TX
LOV OHXU SURSRVDLHQW OHXU DYDLHQW pWp GLFWpHV
SDU-XSLWHURXSDU$SROORQHWFHWWHSHUVXDVLRQDWRXMRXUVWRXUQpjO
DYDQWDJHGHVSHXSOHV
PrPHV 2Q GLW TXH FKH] OHV $ULPDVSHV =DWKUDXVWqV DYDLW IHLQW TXH VHV ORLV OXL YHQDLHQW
G
XQ ERQ JpQLH TXL O
DVVLVWDLW =DPRO[LV YDQWDLW DX[ *qWHV VHV FRPPXQLFDWLRQV DYHF OD
GpHVVH 9HVWD HW 0RwVH DOOpJXDLW DX[ -XLIV FHOOHV TX
LO DYDLW HXHV DYHF OH GLHX -DR ,OV HQ
XVDLHQW DLQVL VRLW TX
LOV UHJDUGDVVHQW FRPPH XQ GRQ VXUQDWXUHO HW GLYLQ OH WDOHQW TX
LOV
VHQWDLHQW HQ HX[ GH IDLUH GHV ORLV VDJHV HW FRQYHQDEOHV VRLW TX
LOV SUpYLVVHQW TXH OHV
QRPV GHV GLHX[ TX
LOV HPSUXQWDLHQW VHUDLHQW G
XQH DXWRULWp LQILQLPHQW SOXV JUDQGH GDQV
O
HVSULWGHVSHXSOHV
6D]\FKqV
/H VHFRQG OpJLVODWHXU GH O
eJ\SWH D pWp 6D]\FKqV KRPPH G
XQ JpQLH GLVWLQJXp ,O DMRXWD
TXHOTXHV SDUWLFXODULWpV DX[ ORLV GpMj pWDEOLHV HW LO V
DSSOLTXD j SHUIHFWLRQQHU OH FXOWH GHV
GLHX[ 2Q OH IDLW SDVVHU SRXU O
LQYHQWHXU GH OD JpRPpWULH HW F
HVW OXL GLWRQ TXL D GRQQp
DX[eJ\SWLHQVODPpWKRGHGHVREVHUYDWLRQVDVWURQRPLTXHV
6pVRRVLVRX6pVRVWULV
/H WURLVLqPH D pWp 6pVRVWULV TXL QRQ FRQWHQW GH V
rWUH UHQGX FpOqEUH SDU VHV JUDQGV
H[SORLWV D pWDEOL HQFRUH GHV ORLV PLOLWDLUHV HW D SUHVFULWWRXWFHTXLFRQFHUQHODJXHUUHHW
OHVDUPpHV
%RFFKRULV
/HTXDWULqPHDpWpOHURL%RFFKRULVSULQFHVDJHHWKDELOH&HOXLFLDUpJOpOHVGURLWVHWOHV
GHYRLUVGXVRXYHUDLQHWWRXWFHTXLUHJDUGHODIRUPHGHVFRQWUDWVHWGHVFRQYHQWLRQV,OD
WHOOHPHQW H[FHOOp GDQV OD MXULVSUXGHQFH TXH O
RQ D FRQVHUYp MXVTX
j FH MRXU SOXVLHXUV GH
VHVGpFLVLRQVHWGHVHVMXJHPHQWV2QGLWTXHG
DLOOHXUVLOpWDLWIDLEOHGHFRUSVHWGHSOXV
IRUWDWWDFKpjO
DUJHQW
$PDVLV
$SUqV OXL $PDVLV WUDYDLOOD HQFRUH DX[ ORLV ,O ILW TXHOTXHV RUGRQQDQFHV QRXYHOOHV VXU OHV
GpSDUWHPHQWV GHV SURYLQFHV HW GRQQD j O
eJ\SWH OD IRUPH GH VRQ JRXYHUQHPHQW 2Q
YDQWH EHDXFRXS VRQ LQWHOOLJHQFH VD GRXFHXU HW VD MXVWLFH HW FH IXUHQW PrPH FHV
TXDOLWpVTXLOXLSURFXUqUHQWOHVFHSWUHTXLQ
pWDLWSDVGDQVVDPDLVRQ/HVKDELWDQWVG
eOLV
RVHFpOqEUHQWOHVMHX[2O\PSLTXHVD\DQWGpSXWpYHUVOXLSRXUOXLGHPDQGHUGHVUqJOHV
VXU OD GLVWULEXWLRQ GH OHXUV SUL[ LO OHXU UpSRQGLW TX
HOOHV VHUDLHQW WRXMRXUV DVVH]
pTXLWDEOHV VL OHXUV FLWR\HQV Q
HQWUDLHQW MDPDLV HQ FRQFXUUHQFH DYHF OHV pWUDQJHUV ,O
V
pWDLW OLp G
DPLWLp DYHF 3RO\FUDWqV W\UDQ GH 6DPRV PDLV FRPPH FHOXLFL XVDLW GH
YH[DWLRQHQYHUVOHVKDELWDQWVGHVRQvOHHWHQYHUVOHVpWUDQJHUVPrPHVTXL\DERUGDLHQW
RQGLWTX
$PDVLVOXLHQYR\DG
DERUGTXHOTXHVSHUVRQQHVGHFRQILDQFHSRXUO
H[KRUWHUjVH
UHQGUH MXVWH HW UDLVRQQDEOH 0DLV 3RO\FUDWqV Q
D\DQW SDV SURILWp GH VRQ DYLV OH URL
G
eJ\SWHOXLpFULYLWXQHOHWWUHSDUODTXHOOHLOOXLGpFODUDLWTX
LOUHQRQoDLWjVRQDPLWLpSRXU
SUpYHQLU OHV FKDJULQV TXH OXL FDXVHUDLHQW LQFHVVDPPHQW OHV PDOKHXUV G
XQ KRPPH TXL
DEXVDLW DLQVL GH VRQ SRXYRLU /HV *UHFV DGPLUqUHQW OD VDJHVVH TXL SDUDLVVDLW GDQV FHWWH
OHWWUHG
$PDVLVHWHQFRUHSOXVOHSURPSWDFFRPSOLVVHPHQWGHVDSUpGLFWLRQ
'DULXVSqUHGH;HU[qVHVWOHVL[LqPHTXLDLWHXSDUWDX[ORLVGHO
eJ\SWH$\DQWFRQoX
GHO
KRUUHXUSRXUOHVLPSLpWpVHWOHVLQKXPDQLWpVTXLV
pWDLHQWFRPPLVHVGDQVODFRQTXrWH
TXH VRQ SUpGpFHVVHXU &DPE\VH DYDLW IDLWH GH FHWWH QDWLRQ LO HQWUHSULW G
\ UpWDEOLU OD
UHOLJLRQ HW OD WUDQTXLOOLWp SXEOLTXH ,O HXW GH IUpTXHQWHV FRPPXQLFDWLRQV DYHF OHV SUrWUHV
HWLOVHILWLQVWUXLUHSDUHX[GHODWKpRORJLHHWGHVDXWUHVVHFUHWVHQIHUPpVGDQVOHVOLYUHV
VDFUpV ,O SULW HQILQ XQH WHOOH pPXODWLRQ SRXU OD VDJHVVH O
pTXLWp HW OD PDJQDQLPLWp GHV
DQFLHQVURLVTX
LOVHUHQGLWVHPEODEOHjHX[(QXQPRWLOSRUWDVLORLQOHVYHUWXVUR\DOHV
TXH VHXO GH WRXV OHV URLV G
eJ\SWH LO IXW UHJDUGp FRPPH XQ GLHX GH VRQ YLYDQW HW TX
LO
REWLQWHQFRUHDSUqVVDPRUWOHVSOXVJUDQGVKRQQHXUVTX
RQDLWUHQGXVDX[SOXVUHOLJLHX[
HWDX[SOXVMXVWHVGHVHVSUpGpFHVVHXUV&HVRQWOjOHVDXWHXUVGHFHVORLVIDPHXVHVFKH]
WRXVOHVSHXSOHVGHODWHUUH0DLVSOXVLHXUVGHFHOOHVTXLSDUDLVVDLHQWOHVSOXVMXGLFLHXVHV
RQW pWp DEROLHV ORUVTXH OHV 0DFpGRQLHQV VH VRQW UHQGXV PDvWUHV GH O
eJ\SWH HQ FHV
GHUQLHUVWHPSVHWHQRQWUHQYHUVpO
DQFLHQQHPRQDUFKLH
;;;9,*UHFVLOOXVWUHVTXLRQWYR\DJpHQeJ\SWHHWGHVIDEOHVRXGHVSUDWLTXHVTX
LOVRQW
WLUpHVGHVXVDJHVGHFHVQDWLRQV
3285 ILQLU FHWWH PDWLqUH QRXV GLURQV XQ PRW LFL GHV DQFLHQV *UHFV TXL D\DQW H[FHOOp HQ
VDJHVVH HW HQ OXPLqUHV RQW HQWUHSULV OH YR\DJH G
eJ\SWH SRXU V
LQVWUXLUH GHV ORLV HW GHV
P°XUV GH FHWWH QDWLRQ /HV SUrWUHV OLVHQW GDQV OHXUV $QQDOHV TX
RQ D YX FKH] HX[
2USKpH 0XVpH 0pODPSH HW 'pGDOH OH SRqWH +RPqUH /\FXUJXH GH 6SDUWH O
$WKpQLHQ
6RORQ HW 3ODWRQ OH SKLORVRSKH 3\WKDJRUH GH 6DPRV HW OH PDWKpPDWLFLHQ (XGR[H
'pPRFULWH$EGpULWDLQHW2HQRSLGqVGH&KLR,OQ
HVWDXFXQG
HX[GXSDVVDJHRXGXVpMRXU
GXTXHORQQHPRQWUHTXHOTXHPDUTXHFRPPHOHXUSRUWUDLWRXTXHOTXHRXYUDJHRXPrPH
TXHOTXHOLHXTXLSRUWHOHXUQRP,OVGRQQHQWDXVVLGLYHUVHVSUHXYHVTXLIRQWYRLUTXHWRXV
FHV VDJHV RQW WLUp GH O
eJ\SWH FH TX
LO \ D HX GH SOXV PHUYHLOOHX[GDQVOHVVFLHQFHVTX
LOV
RQW SURIHVVpHV 2USKpH GLVHQW OHV eJ\SWLHQV D UDSSRUWp GH VRQ YR\DJH VHV P\VWqUHV
VHV RUJLHV HW WRXWH OD IDEOH GH O
(QIHU ,O Q
\ D G
DXWUH GLIIpUHQFH TXH FHOOH GX QRP HQWUH
OHVIrWHVGH%DFFKXVHWFHOOHVG
2VLULVFRPPHHQWUHOHVIrWHVGH&pUqVHWFHOOHVG
,VLV/HV
VXSSOLFHV GHV PpFKDQWV GDQV OH 7DUWDUH OH VpMRXU GHV ERQV DX[ &KDPSV eO\VpHV HW
TXHOTXHV DXWUHV LGpHV VHPEODEOHV VRQW YLVLEOHPHQW SULVHV GHV IXQpUDLOOHV GHV eJ\SWLHQV
0HUFXUH FRQGXFWHXU GHV kPHV FKH] OHV *UHFV D pWp LPDJLQp VXU XQ KRPPH j TXL O
RQ
UHPHWWDLW DQFLHQQHPHQWHQeJ\SWHOHFRUSVG
XQ$SLVPRUWSRXUOHSRUWHUjXQDXWUHTXL
OHUHFHYDLWDYHFXQPDVTXHjWURLVWrWHVFRPPHFHOOHVGH&HUEqUH2USKpHD\DQWSDUOpHQ
*UqFHGHFHWWHSUDWLTXH+RPqUHHQDIDLWXVDJHGDQVFHVYHUVGHO
2G\VVpH
$YHFVRQFDGXFpHDXERUGGHVIOHXYHVVRPEUHV
0HUFXUHGHVKpURVDYDLWFRQGXLWOHVRPEUHV
/H3RqWHDMRXWHXQSHXSOXVEDV
,OVSDVVHQWO
2FpDQHWOHSkOHURFKHU
(WELHQW{WDERUGDQWSDUO
HIIRUWGXQRFKHU
$X[SRUWHVGX6ROHLOOLHXGHVLPDJHVYDLQHV
,OVSDUYLHQQHQWHQILQjFHVKHXUHXVHVSODLQHV
2MRXLVVDQWGHWRXWH[FHSWpGHOHXUVFRUSV
(WOLEUHVGHQRVVRLQVRQYRLWHUUHUOHVPRUWV
2U O
RFpDQ HVW OH 1LO PrPH DXTXHO OHV eJ\SWLHQV GRQQHQW HQ OHXU ODQJXH XQ QRP TXL
VLJQLILH OD PrPH FKRVH TX
2FpDQ /HV SRUWHV GX 6ROHLO VRQW OD YLOOH G
+pOLRSROLV HW FHV
SODLQHV KHXUHXVHV TX
RQ GLW rWUH OH VpMRXU GHV MXVWHV PRUWV QH VRQW j OD OHWWUH TXH OHV
EHOOHVFDPSDJQHVTXLVRQWDX[HQYLURQVGXODFG
$FKpUXVHDXSUqVGH0HPSKLVHWTXLVRQW
SDUWDJpHV SDU GHV FKDPSV HW SDU GHV pWDQJV FRXYHUWV GH EOp RX GH ORWRV &H Q
HVW SDV
VDQVTXHOTXHIRQGHPHQWTX
RQDGLWTXHOHVPRUWVKDELWHQWOj&DUF
HVWOjTX
RQWHUPLQH
OHV IXQpUDLOOHV GH OD SOXSDUW GHV eJ\SWLHQV ORUVTXH DSUqV DYRLU IDLW WUDYHUVHU OH 1LO HW OH
ODF G
$FKpUXVH j OHXUV FRUSV RQ OHV GpSRVH HQILQ GDQV GHV WRPEHV TXL VRQW DUUDQJpHV
VRXVWHUUHHQFHWWHFDPSDJQH/HVFpUpPRQLHVTXLVHSUDWLTXHQWHQFRUHDXMRXUG
KXLGDQV
O
eJ\SWH FRQYLHQQHQW j WRXW FH TXH OHV *UHFV GLVHQW GH O
(QIHU FRPPH j OD EDUTXH TXL
WUDQVSRUWHOHVFRUSVjODSLqFHGHPRQQDLHTX
LOIDXWGRQQHUDXQRFKHUQRPPp&DURQHQ
ODQJXH pJ\SWLHQQH DX WHPSOH GH OD WpQpEUHXVH +pFDWH SODFp j O
HQWUpH GH O
(QIHU DX[
SRUWHV GX &RF\WH HW GX /pWKp SRVpHV VXU GHV JRQGV G
DLUDLQ j G
DXWUHV SRUWHV TXL VRQW
FHOOHV GH OD YpULWp OH VLPXODFUH GH OD MXVWLFH TXL HVW VDQV WrWH ,O HQ HVW DLQVL GH WRXW OH
UHVWH TXL SDUDvW Q
rWUH TX
XQH FRSLH H[DFWH GH FHV IXQpUDLOOHV WHOOHV PrPH TX
RQ OHV IDLW
DFWXHOOHPHQW 'DQV OD YLOOH G
$FDQWKH TXL HVW DXGHOj GX 1LO GX F{Wp GH OD /LE\H j 
VWDGHV GH 0HPSKLV LO \ D XQ WRQQHDX SHUFp GDQV OHTXHO WURLV FHQWV VRL[DQWH SUrWUHV
YHUVHQW WRXV OHV MRXUV GH O
HDX DSSRUWpH GX 1LO 1RQ ORLQ GH Oj RQ H[pFXWH UpHOOHPHQW OD
IDEOH GH O
ÆQH GDQV XQH DVVHPEOpH SXEOLTXH RX XQ KRPPH ILOH XQH ORQJXH FRUGH GH MRQF
TXL HVW GpILOpH HQ PrPH WHPSV SDU GHV JHQV TXL VRQW GHUULqUH OXL 2Q GLW TXH F
HVW
0pODPSH TXL D DSSRUWp G
eJ\SWH OHV IrWHV GH %DFFKXV HQ *UqFH OD IDEOH GH 6DWXUQH OH
FRPEDW GHV 7LWDQV OHV SpULOV HW OHV PDOKHXUV GHV GLHX[ 'pGDOH D LPLWp GDQV OD &UqWH OH
ODE\ULQWKH GH O
eJ\SWH TXL VXEVLVWH HQFRUH DXMRXUG
KXL  TXRLTX
LO DLW pWp EkWL VRXV OH URL
0HQGqV RX FRPPH G
DXWUHV OH FURLHQW VRXV OH URL 0DUXV ELHQ GHV DQQpHV DYDQW 0LQRV
7RXWHV OHV VWDWXHV TXH OH PrPH 'pGDOH D IDLWHV HQ *UqFH VRQW GX PrPH JR€W TXH FHOOHV
TX
LO DYDLW YXHV HQ eJ\SWH ,O DYDLW IDLW PrPH OH PHUYHLOOHX[ YHVWLEXOH GX WHPSOH GH
9XOFDLQj0HPSKLVRXYUDJHTXLOXLDFTXLWWDQWGHJORLUHTXHO
RQSODoDGDQVFHWHPSOHVD
VWDWXHHQERLVIDLWHGHVDSURSUHPDLQ0DLVGHSOXVOHJpQLHHWOHVLQYHQWLRQVGH'pGDOH
OH PLUHQW GDQV XQH VL KDXWH UpSXWDWLRQ TX
RQ OXLDUHQGXOHVKRQQHXUVGLYLQVHWO
RQYRLW
HQFRUH DXMRXUG
KXL GDQV XQH GHV vOHV YRLVLQHV GH 0HPSKLV XQ WHPSOH FRQVDFUp VRXV VRQ
QRP HW TXL HVW HQ JUDQGH YpQpUDWLRQ GDQV OH SD\V /HV eJ\SWLHQV DOOqJXHQW GLIIpUHQWV
WpPRLJQDJHV GX VpMRXU G
+RPqUH FKH] HX[ PDLV SDUWLFXOLqUHPHQW OH EUHXYDJH TX
LO IDLW
GRQQHU SDU +pOqQH j 7pOpPDTXH FKH] 0pQpODV SRXU OXL IDLUH RXEOLHU VHV PDX[ &DU FH
QpSHQWKqVTXHOHSRqWHIHLQWTX
+pOqQHDUHoXGH3RO\PQHVWHIHPPHGH7KRQj7KqEHV
HQeJ\SWHQ
HVWDXWUHTXHFHIDPHX[UHPqGHXVLWpFKH]OHVIHPPHVGH'LRVSROLVHWTXLD
IDLW GLUH G
HOOHV TX
HOOHV DYDLHQW VHXOHV OH VHFUHW GH GLVVLSHU OD FROqUH HW OH FKDJULQ 2U LOV
SUpWHQGHQW TXH 'LRVSROLV HW 7KqEHV QH VRQW TX
XQH VHXOH HW PrPH YLOOH /
pSLWKqWH GH
WRXWH G
RU TX
+RPqUH GRQQH j 9pQXV YLHQW GH O
eJ\SWH R O
RQ YRLW HQFRUH DXSUqV GH
0HPSKLVXQFKDPSFRQVDFUpjODGpHVVHDLQVLVXUQRPPpH,ODWLUpGHODPrPHVRXUFHOH
PDULDJH GH -XSLWHU HW GH -XQRQ HW OH YR\DJH GHV GLHX[ HQ  eWKLRSLH &DU WRXV OHV DQV RQ
WUDQVSRUWH G
eJ\SWH HQ /LE\H HQ WUDYHUVDQW OH IOHXYH XQH FKDSHOOH GH -XSLWHU TXH O
RQ
UDPqQH TXHOTXHV MRXUV DSUqV SRXU UHSUpVHQWHU OH UHWRXU GX GLHX GH VRQ YR\DJH
G
eWKLRSLH /
XQLRQ GH -XSLWHU HW GH -XQRQ D pWpLPDJLQpHSDU+RPqUHVXUFHUWDLQHVIrWHV
ROHVSUrWUHVSRUWHQWOHVGHX[FKDSHOOHVGHFHVGHX[GLYLQLWpVjF{WpO
XQHGHO
DXWUHVXU
XQHPRQWDJQHTX
RQDMRQFKpHGHIOHXUV1RXVDYRQVGpMjUHPDUTXpFHTXHOHVeJ\SWLHQV
GLVHQW DX VXMHW GHV ORLV GH /\FXUJXH GH 6RORQ HW GH 3ODWRQ È O
pJDUG GH 3\WKDJRUH LOV
VRXWLHQQHQW TXH VHV V\PEROHV VHV WKpRUqPHV GH JpRPpWULH VHV QRPEUHV HW VD
PpWHPSV\FRVH RQW pWpSXLVpVFKH]HX[,OVSUpWHQGHQWDXVVLTXH'pPRFULWHDSDVVpFLQT
DQV HQ eJ\SWH HW TX
LO \ D DSSULV WRXW FH TX
LO D VX G
DVWURORJLH 2HQRSLGqV VHORQ HX[
D\DQW HX FRPPHUFH DYHF OHXUV SUrWUHV HW OHXUV DVWURQRPHV V
HVW LQVWUXLW GH PrPH GH
SOXVLHXUV SDUWLFXODULWpV WRXFKDQW OHV DVWUHV HW HQWUH DXWUHV OH VROHLO GRQW OH PRXYHPHQW
SURSUH HW DQQXHO VH IDLW GDQV XQ FHUFOH REOLTXH j O
pTXDWHXU HW HQ XQ VHQV FRQWUDLUH DX
PRXYHPHQWMRXUQDOLHUGXSUHPLHUPRELOH,OVGLVHQWODPrPHFKRVHG
(XGR[HTXLV
DFTXLW
EHDXFRXS GH JORLUH HQ SRUWDQW FKH] OHV *UHFV OHV REVHUYDWLRQV DVWURORJLTXHV HW G
DXWUHV
GpFRXYHUWHV GHV eJ\SWLHQV ,OV YRQW SOXV ORLQ FDU LOV VXUHQW TXH OHV SOXV IDPHX[ GHV
DQFLHQV VFXOSWHXUV GH OD *UqFH RQW pWp pOHYpV GDQV OHXUV pFROHV 7HOV VRQW 7pOpFOqV HW
7KpRGRUH ILOV GH 5KRHFXV TXL RQW IDLW OD VWDWXH G
$SROORQ 3\WKLHQ TXL HVW j 6DPRV GH
WHOOH VRUWH TXH 7pOpFOqV HQ D\DQW IDLW XQH PRLWLp j 6DPRV SHQGDQW TXH VRQ IUqUH
7KpRGRUH IDLVDLW O
DXWUH j eSKqVH OHV GHX[ SLqFHV VH UDSSRUWqUHQW VL MXVWH TXH WRXWH OD
ILJXUHQHSDUDvWrWUHTXHG
XQHVHXOHPDLQ,OVDMRXWHQWTXHFHWDUWSDUWLFXOLHUTXLHVWSHX
FRQQX GHV VFXOSWHXUV JUHFV HVW WUqV FXOWLYp SDU OHV VFXOSWHXUV pJ\SWLHQV &DU FHX[FL QH
MXJHQWSDVFRPPHOHV*UHFVG
XQHILJXUHSDUOHVLPSOHFRXSG
RHLOPDLVPHVXUDQWWRXWHV
VHVSDUWLHVO
XQHSDUO
DXWUHLOVWDLOOHQWVpSDUpPHQWHWGDQVODGHUQLqUHMXVWHVVHWRXWHVOHV
SLHUUHVTXLGRLYHQWIRUPHUXQHVWDWXH&
HVWSRXUFHODTX
LOVRQWGLYLVpOHFRUSVKXPDLQHQ
YLQJW HW XQH SDUWLHV HW XQ TXDUW $LQVL TXDQG OHV RXYULHUV VRQW XQH IRLV FRQYHQXV HQWUH
HX[GHODKDXWHXUGHODILJXUHLOVYRQWIDLUHFKDFXQFKH]VRLOHVSDUWLHVGRQWLOVVHVRQW
FKDUJpV HW HOOHV V
DMXVWHQW WRXMRXUV HQVHPEOH G
XQH PDQLqUH TXL IUDSSH G
pWRQQHPHQW
FHX[ TXL QH FRQQDLVVHQW SDV FHWWH SUDWLTXH 2U OHV GHX[ SLqFHV GHO
$SROORQGH6DPRVVH
MRLJQHQW j FH TX
RQ GLW VXLYDQW WRXWH OD KDXWHXU GX FRUSV HW TXRL TX
LO DLW OHV GHX[ EUDV
pWHQGXVHWHQDFWLRQHWTX
LOVRLWGDQVODSRVWXUHG
XQKRPPHTXLPDUFKHLOHVWSDUWRXW
VHPEODEOH j OXLPrPH HW OD ILJXUH HVW GDQV OD SOXV H[DFWH SURSRUWLRQ (QILQ FHW RXYUDJH
TXL HVW IDLW VXLYDQW O
DUW GHV eJ\SWLHQV FqGH SHX DX[ FKHIVG
°XYUH GH O
eJ\SWH PrPH
9RLOjFHTXHQRXVDYLRQVjUDSSRUWHUGHO
+LVWRLUHHWGHVFKRVHVPpPRUDEOHVGHO
eJ\SWH
3RXU VXLYUH QRWUH GHVVHLQ WHO TXH QRXVO
DYRQVH[SRVpDXFRPPHQFHPHQWGHFHSUHPLHU
OLYUH QRXV SDUFRXUURQV FH TX
RQ D GLW GH YUDL RX GH IDX[ VXU OHV GLIIpUHQWHV QDWLRQV GH
O
$VLHHQFRPPHQoDQWSDUOHV$VV\ULHQV
)LQGHOD,,6HFWLRQGX/LYUH,



You might also like